MG Properties Group has purchased two apartment properties in Reno, Nev., totaling 722 units for $68.1 million, the San Diego-based investment firm announced.
A company statement said the acquisition was the largest multifamily bulk transaction in Reno history, based on data from CoStar Group. The properties were purchased via Auction.com.
The transaction included the 318-unit Vizcaya Hilltop Apartments, built in 1991, and the 404-unit Village at Iron Blossom Apartments, built in 1984. MG Properties plans renovations at both properties, including upgrades to unit interiors, common area amenities and deferred maintenance items.
Brokers for the transaction were Newmark Grubb Knight Frank, Mission Capital and Auction.com.
Led by CEO Mark Gleiberman, the privately held MG Properties Group has purchased eight properties in the past year, with approximately 2,600 multifamily units and a combined price of $370 million.
The 20-year-old company’s current portfolio includes more than 12,000 units, and it is targeting further acquisitions in California, Nevada and four other western states.