SAN DIEGO -- MG Properties Group (MGPG), a private San Diego-based real estate investor and operator, has announced the acquisition of the Trillium Papago Apartments in Phoenix.
The property consists of 270 luxury apartments which were built in 2007.
The property's common area amenities include a resort-style pool and spa, a fitness center, a movie theater and pool room.
MGPG plans to rebrand the property as Ascent at Papago Park. Units include nine-foot ceilings, full-sized washers and dryers, and a mix of one-, two-, and three-bedroom floor plans.
Trillium Papago was purchased for $36.22 million from Trillium Residential. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by CBRE.
According to Mark Gleiberman, MG Properties Group chief executive officer, “This acquisition reflects our continued belief in the long term growth potential of the Phoenix market.”
Trillium Papago marks MG Properties Group's fourth acquisition in the past six months. The four acquisitions totaled $125 million and approximately 700 units.
The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington.
Over the last 20 years MGPG has acquired 81 communities with its private investors and institutional joint venture partners totaling over 15,000 units, representing more than $1.7 billion in total asset value, including 6,000 units at a value of over $750 million in the past five years.
Flipping DreamWorks' HQ
(Bloomberg) -- SunTrust Banks Inc. is planning to flip the DreamWorks Animation SKG Inc. headquarters near Los Angeles two weeks after agreeing to buy the property for $185 million.
SunTrust (NYSE: STI) is seeking almost $250 million for the Glendale, Calif., office campus, according to a person familiar with the marketing who asked not to be identified because the information isn't public.
CBRE Group Inc. (NYSE: CBG) is marketing the 497,403-square-foot property, which is completely leased to DreamWorks Animation (Nasdaq: DWA) for two decades, according to a brochure on the brokerage's website.
SunTrust agreed to buy the campus through its SunTrust Equity Funding LLC investing arm on Feb. 23, according to a DreamWorks Animation regulatory filing.
The studio behind the “Shrek” movies announced the sale-leaseback agreement last month as part of a cost-saving plan after reporting a fourth quarter loss of $263.2 million.
Mike McCoy, a spokesman for Atlanta-based SunTrust, declined to comment on the marketing of the property.
Matt Lifson, a DreamWorks Animation spokesman, and Doug Marlow, a CBRE executive vice president, also declined to comment.
The campus, leased to DreamWorks Animation through March 2035, has six buildings with office, studio, graphic design and engineering space, as well as food concessions and outdoor plazas, according to the marketing materials.
“The property provides investors with an exceptional high-quality, low-risk core investment opportunity to acquire an iconic headquarters campus at a significant discount to replacement cost,” CBRE stated in its brochure.