Chandler – In its fifth major multi-family investment in the Phoenix area in the past five years, a group of tenant-in-common entities led by MG Properties Group in San Diego, Calif. (Mark Gleiberman, pres.) paid $110.25 million ($215,332 per unit) to buy the 512-unit Biscayne Bay apartments located at 300 E. Warner Road in Chandler. AB/Everest Warner Road Owner LLC, a joint venture formed by...Everest Holdings in Scottsdale (Joe Blackbourn, principal), was the seller. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the deal. Maricopa County records show six tenant-in-common entities managed by Gleiberman Investments Inc. (Mark Gleiberman, pres.) acquired the asset with a $71.695 million Fannie Mae loan issued by CBRE Multifamily Capital Inc. in Houston, Tex. In November 2016, BREW reported...Everest Holdings paying $71.5 million ($139,648 per unit) to acquire Biscayne Bay (also has address of 2022 N. Nevada Street). The 30-acre complex, which was developed in 2000, is located east of State Route 87 (Beeline Highway) at the northwest corner of Warner Road and Nevada Street. With the acquisition, TIC companies managed by MG Properties have now invested $621.55 million ($164,605 per unit blended average) to purchase 3,776 apartments in nine Valley communities. The privately-held company also owns four multi-family assets in Tucson and manages more than 17,000 apartments in 56 properties located in Arizona, California, Nevada, Oregon, and Washington. Public records show the TIC buyers that purchased Biscayne Bay are: MG Biscayne Bay Apartments TSR LLC, as to an undivided 72.6 percent interest; MG Biscayne Bay Apartments F12 LLC, as to an undivided 3.65 percent interest; MG Biscayne Bay Apartments F10 LLC, as to an undivided 1.15 percent interest; MG Biscayne Bay Apartments SCH LLC, as to an undivided 6.05 percent interest; MG Biscayne Bay Apartments 6AV LLC, as to an undivided 6.70 percent interest, and MG Biscayne Bay Apartments WTD LLC, as to an undivided 9.85 percent interest. Learn more from Paul Kaseburg of MG Properties at (858) 366-6500, ext. 6534. Talk to Blackbourn at (480) 860-6500...Call the CBRE agents at (602) 735-5555.
BREW - 9/18/19