CBRE arranged the sale of the 512-unit multifamily community Biscayne Bay on behalf of Everest Holdings to San Diego-based MG Properties for $110.25 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Everest Holdings. Financing was arranged by Rocco Mandala of CBRE Debt & Structured Finance.
Located at 300 E. Warner Road in the Chandler submarket of Phoenix, Biscayne Bay features two swimming pools, volleyball and basketball courts, kid’s playground, covered picnic areas with barbecue grills, putting green, parcel pending locker for resident packages, and a dog park. Large one, two, and three-bedroom units have nine-foot ceilings, decorative crown molding, well-appointed kitchens, walk-in closets, full-size washers and dryers, and large patios.
“Value-add communities in outperforming submarkets are in high demand,” Cunningham said. “Biscayne Bay provides an excellent opportunity to reposition a stable asset in one of the best multifamily environments in Metro Phoenix.”
According to data analyzed by CBRE Research, the Chandler/Gilbert multifamily submarket led all Metro Phoenix areas in 2018 with 2,425 units of positive net absorption. Occupancy in the submarket in Q2 2019 was 96 percent.
“Biscayne Bay was an excellent fit for our acquisition criteria and will complement our Phoenix portfolio,” said MG Properties CEO Mark Gleiberman. “The community is well-positioned to capitalize on strong regional fundamentals and will allow us to further scale our operations in the region.”
MG Properties Group specializes in the acquisition, development, rehabilitation and management of apartment communities throughout the western United States. Since 1992, the company has acquired and managed over 142 properties totaling over 32,000 units. Today, MG Properties Group manages over 20,000 apartment homes in over 70 communities in high-growth cities in California, Arizona, Nevada, Washington and Oregon. The company’s apartment portfolio has a total market value of over $3 billion.