PHOENIX, AZ – MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California announced the acquisition of Centra for $74.5 million from FORE Property. This ideally located five-tale, 223-unit property in Midtown Phoenix was built in 2020 and underwent a swift lease up.
Located in one of the area’s most sought after new neighborhoods, Centra’s proximity to mass transit and commuter freeways, as well as its high WalkScore make it desirable with simple access to a growing education and employer base, including IBM, Dignity Health, ASU, Deloitte, and Pinnacle West.
Mark Gleiberman, Founder & CEO of MG Properties said, “We are excited about continuing the blueprint that was laid out at Centra and look forward to continuing success within the Arizona market. The demand for luxury residential housing has left a lot of opportunity in Midtown.”
Further expanding its Arizona portfolio, Centra will mark MG Properties Group’s eleventh property in the region, including The Retreat Apartments and Andante Apartments in 2021. MG Properties Group has bought 13 communities in the past year totaling over 3,750 units and $926 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada.
The seller was represented by Steven Nicoluzakis and David Fogler of Cushman & Wakefield. The podium-style property was financed with a loan by Key Bank in the amount of $43.1 million arranged by Brooks Benjamin.

Powered by WPeMatico

BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson has bought, in separate transactions, three existing apartment communities totaling 640 units for $143 million and an Opportunity Zone development site that is fully entitled for 240 units in the Boise, Idaho region. The three existing apartment communities include one wholly owned asset, The Lofts at Ten Mile, as well two communities, Jasper and Towne Square, that were bought with the Boise-based real estate investment company Roundhouse. Kennedy Wilson and Roundhouse also bought the Dovetail development site, which is expected to complete in 2023.
Kennedy Wilson has an average ownership of 95% in these four investments and invested $68 million of equity into the properties, utilizing either fixed-rate financing or floating-rate financing hedged against long term increases in interest rates.
The off-market buys reflect a continued focus on recycling equity capital from dispositions into high-quality multifamily properties throughout the Mountain States, a priority for Kennedy Wilson since first investing in the region in 2012.
We anticipate continued growth in population and employment in the Boise area as both individuals and employers seek relative housing affordability, lower taxes, a friendlier business environment, better infrastructure, and access to the outdoors, said Nick Bridges, Managing Director at Kennedy Wilson, who oversees multifamily investments in the region. These trends, which existed for years leading up to the pandemic, were accelerated over the last year as parts of the two largest segments of the population, Baby Boomers and Millennials, sought a higher quality of life in the Mountain States where Kennedy Wilson has been an early investor.
Kennedy Wilson s asset management plans include adding and enhancing amenities and updating unit interiors across the existing communities. Additionally, Kennedy Wilson and its partner will develop a new 240-unit multifamily community on an Opportunity Zone site in Meridian, Idaho that will cater to residents seeking a suburban, outdoor-oriented lifestyle with an emphasis on sustainability. The development will total $60 million in estimated construction costs, including an estimated $19 million equity commitment by Kennedy Wilson over the life of the development.
The four properties will contribute 880 units to Kennedy Wilson s growing multifamily presence in the Mountain States and are expected to add $9.4 million of net operating income, including $3 million of net operating income from the Opportunity Zone development once it is complete. Through its ownership in approximately 2,500 market rate multifamily units, including those under development, Kennedy Wilson is now the largest owner of conventional multifamily property in the Boise Metro Area. All properties were either developed via a build-to-hold business plot or secured through off-market transactions, bought directly from private sellers.
Kennedy Wilson and partner Roundhouse recently completed construction at The Clara, a new 277-unit multifamily development in Eagle, Idaho, and the community is nearing full lease-up months ahead of business plans.

Powered by WPeMatico

LAS VEGAS, NV – Kingsbarn Capital and Development, the development affiliate of Kingsbarn Realty Capital, announced the acquisition of 6.12 acres of entitled land located at Small Lane and Janas Way in Carson City, Nevada. Kingsbarn intends to break ground in July on the multifamily development site on which it will construct 140 garden-style apartment units to the currently supply-constrained Carson City market. Kingsbarn anticipates the lease-up to start one year later with 95% occupancy expected by the spring of 2023.
The Property is in a federally declared Opportunity Zone, providing investors with a unique opportunity to benefit from the Tax Cuts and Jobs Act enacted Dec. 22, 2017. Investors who qualify for these tax benefits could defer up to 100% of their capital gain from this investment should the investment be held for at least 10 years.
“This is a well-positioned multifamily development in a rapidly growing community where housing is in small supply. The property has fantastic frontage along Small Lane and is only a few blocks from the Nevada State Capitol. We expect this Property to provide stable cash flow to our investors for years to come,” said Kingsbarn CEO Jeff Pori.
The Company will offer the investment interests in the Property through a newly formed Qualified Opportunity Zone Fund. There will be approximately $10 million of investment equity offered in this Q-Zone Fund. Kingsbarn, as the sponsor, will provide approximately 40% of the equity required for the project.

Powered by WPeMatico