San Diego-based MG Properties Group plunked down $145.25 million for a 576-unit apartment community in Phoenix — the biggest multifamily acquisition of the year so far.

Paul Kaseburg, chief investment officer for MG Properties Group, said he’s not done yet.

“We are actively looking for more properties to buy there,” he said.

MG Properties Group now owns nine properties totaling 3,944 units in the Valley. With more than 650 employees, MG Properties’ current portfolio includes more than 20,000 units valued at $5 billion in California, Washington, Arizona, Nevada and Oregon.

“Phoenix continues to benefit from the migration to more affordable markets and has been a very strong market for us,” Kaseburg said.

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“Multifamily sales in metro Phoenix went out with a bang in 2020 and rang in the new year with buyers continuing to be relentless in their pursuit to find multifamily assets,” Fritz-Salazar said. “Our market continues to be one of the most attractive destinations for buyers, as our fundamentals remain strong and investors know they can expect excellent returns. I expect 2021 to be as eventful as last year.”

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