San Diego-based MG Properties Group has acquired The Retreat Apartments for $131 million, according to the commercial real estate tracking website Vizzda. The seller was LivCor.
The Retreat Apartments is a garden-style multifamily community located in Phoenix’s Deer Valley submarket. Completed in 1997, the 480-unit property is a value-add opportunity for MG Properties.
Brian Eisendrath and Cameron Chalfant of CBRE arranged an $81.5 million, seven-year, fixed-rate financing for the acquisition. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller.