PHOENIX, AZ – MG Properties, a private San Diego-based real estate investor, owner, and operator has bought 2150 Arizona Ave South Apartments l for $107 million.
Rebranded as 2150 Apartments, this Chandler submarket of Phoenix boasts some of the most robust multifamily fundamentals in the metro due to its proximity to multiple job corridors, one of Arizona’s top school systems, award-winning master-plotted communities, and relative affordability. With thoughtfully designed one, two, and three bedroom floor plans, the community offers a variety of options for area residents.
“The Phoenix economy has benefitted from tremendous growth, which we expect to continue during our long term investment horizon,” said Jeff Gleiberman, President of MG Properties. “2150 Apartments provides a value-add opportunity to continue a proven interior renovation program to increase rents, while staying below new construction rents.”
Seller was represented by Mark Forrester and Dan Cheyne with Berkadia. The acquisition of the community was financed with a loan from Fannie Mae, originated by Chuck Christensen and Lowell Takahashi with Berkadia.

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CLEMSON, SC – Gilbane Development Company has opened Bixby on College, to residents. Bixby is a brand-new, fully furnished community designed for students attending Clemson University in Clemson, South Carolina.
Comprised of 107 units (383 beds), Bixby features fully-furnished apartments, in-unit washer/dryer, a fully equipped kitchen, high-speed internet and a flat-screen TV.
Community amenities include a clubhouse with pool table and gaming area which opens to a courtyard featuring a heated pool with infinity edge, fire pit, multiple seating areas, outdoor kitchen, and outdoor kitchen with grills; a fitness center with cardio and strength training equipment; study rooms; and a computer lab. There is also approximately 14,500 square feet of commercial space located on the first floor of the building fronting College Avenue and Keowee Trail. Current retail tenants include Romeo s Pizza and Solshine Yoga, with remaining retail space going quick.
We re proud of the on-time delivery of Bixby and are thrilled to welcome our first residents. Go in day was a success and residents are settling into their new homes, noted Russell Broderick, senior vice president for Gilbane Development Company. Between the location, housing amenities and retail/restaurants within our Bixby community, Clemson students will have a superior living-learning environment for many years to come.

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AUSTIN, TX – The Michaels Organization, a national leader in residential real estate, announced that it has completed the sale of Zoey Apartments, a newly constructed premier apartment community in the quick-growing market of Austin, Texas.
“Michaels’ ability to develop first-class properties, especially in markets where the housing demand is so rapidly outpacing supply, allows us to offer attractive returns to our investors and capital partners while supporting our future growth,” said Michael Flannagan, Executive Vice President of Development at The Michaels Organization.
The $59.2 million Zoey development started leasing in early August and at the time of sale was 82 percent occupied. The community offers 306 luxury units, including 38 that are designated as affordable.
Located in the highly desirable East Riverside neighborhood, Zoey is within 5 miles of downtown Austin and is close to public transportation as well as major highways. The Southeast Riverside market is also host to several cultural attractions and recreational activities. Major employers in the area include Meta, Oracle, Google, Tesla, and Whole Foods Market.
“Texas is one of several key markets where Michaels is developing new multifamily communities,” said Chris Brookshire, Michaels Vice President and Zoey’s lead developer. “This community was designed with the needs of the residents in mind, and it is an asset to the Riverside neighborhood.”
Zoey offers residents well-plotted units as well as upgraded, sustainable features including plank flooring, quartz countertops, and spacious closets, in layouts ranging from studios to two bedrooms. Amenities include fitness areas, rooftop lounge, co-working spaces, and recreation lounges as well as a pool, courtyards, a bike storage facility, and a dog wash area. The community also offers ample on-site parking.
The sale to Sterling Equities, a New York-based real estate firm, was arranged by Berkadia. Kelly Witherspoon and Michael Gonzalez with Berkadia’s Austin office represented The Michaels Organization on the disposition.
“The Zoey is an extremely well-built, Type 1 constructed midrise that was very well received in the market by both private and institutional investors,” said Witherspoon. “Infill opportunities of this caliber have been rare in Austin in recent years, so when they do surface, they generally get plenty of attention, which was the case here. Michaels was incredible to work with, and we look forward to the next one together.”
Terms of the transaction were not told.
Earlier this year, Michaels also sold Hill Country Place, a 228-unit, 696-bed student housing community located off-campus in close proximity to the University of Texas-San Antonio. Due to strong execution, Michaels was able to sell both Zoey and Hill Country Place at a price that exceeded initial underwriting.

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