MG Properties Group has purchased a 324-unit apartment complex in Reno, Nev., for $27 million, the San Diego investment firm announced March 7.

A company statement said the property was purchased out of a foreclosure process and was acquired from a large Midwest-based loan servicer represented by Marcus & Millichap.

The acquisition was financed with a $21.6 million, fixed-rate loan from Fannie Mae, arranged by Key Bank Real Estate Capital. MG Properties plans to complete minor interior upgrades, update common areas and remedy deferred maintenance issues.

Manzanita Gate, built in 1997, is located in the foothills of Northwest Reno, a low-density suburban submarket built out primarily in the late 1980s through the 1990s.

Since December 2010, MG Properties has completed seven apartment acquisitions totaling 1,648 units at a value of more than $215 million, the statement said.

The privately held company, led by founder and President Mark Gleiberman, invests primarily in multifamily housing properties, with a current portfolio of 7,800 units in California, Washington, Arizona and Nevada.

— Lou Hirsh