With Deep Pockets, San Diego Investor Continues Multifamily Buying Spree in Valley

Article originally posted on Phoenix Business Journal on June 13, 2019
San Diego-based MG Properties Group paid $73.7 million for this 379-unit apartment community in Tempe, according to Vizzda real estate database.

San Diego-based MG Properties Group — which plans to invest more than $700 million in six Western states this year — just paid $73.7 million for an apartment complex in Tempe, according to Vizzda LLC real estate database.

The acquisition of the 379-unit Elevate at Discovery Park Apartments at 1820 E. Bell De Mar Drive in Tempe brings the company’s Phoenix portfolio to eight properties totaling more than 3,250 units.

Plans call for investing about $1.8 million in interior renovations as well as additional capital in common area and exterior upgrades, said Paul Kaseburg, chief investment officer for MG Properties Group.

“We have been long-term owners in the Phoenix market and believe strongly in its economic potential,” he said. “We think Phoenix’s affordability, high quality of life and economic dynamism will continue to result in higher-than-average resident and employment growth.”

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Paul Kaseburg, chief investment officer for San Diego-based MG Properties Group.

San Diego-based MG Properties Group paid $84.25 million for this 429-unit Sonoran apartment community in Phoenix.

San Diego-based MG Properties Group paid $84.25 million for this 429-unit Sonoran apartment community in Phoenix.

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