MG Properties Group, a privately held Sorrento Valley real estate investor and operator, has purchased a five-story, 223-unit apartment community in Phoenix for $74.5 million.
Fore Property Company, the original developer, sold the Centra property, which opened in 2020.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller.
“Centra is a new Class A community positioned in one of the most sought-after neighborhoods in the Valley to live. The location is steps from light rail and near freeways plus offers a high WalkScore and is convenient to an abundance of dining and shopping options, along with a growing education and employer base,” said Fogler, an executive managing director with the firm.
Located at 3601 North Central Ave., Centra is a LEED certified (signifying that the building was constructed to meet sustainability standards) community consisting of 93 one-bedroom and 130 two-bedroom units.
MG Properties Group began with an apartment building purchase in Vista in 1992. After a decade, the firm had grown substantially, owning 32 buildings in San Diego County, before expanding its footprint to include the Inland Empire.
The company currently owns more than 146 complexes across the western U.S. In addition to Phoenix, holdings for the company, which employs 600, include 21,000 units in California, Washington, Nevada and Oregon.