MG Properties Group is expanding its presence in the larger Reno/Sparks, Nev., metro with the acquisition of Parq Crossing Apartments. MG Properties Group purchased the property off-market directly from the developer. The seller was Guardian Capital.
Built in 2020, Parq Crossing, is a 288-unit, three-story garden-style community located near the I-580, I-80, and U.S. 395, providing access to a number of employment centers throughout the metro including Tahoe-Reno Industrial Center and Reno Technology Park. MG Properties Group owns and manages six other apartment communities in the larger Reno metro area and will be able to enhance management through economies of scale.
MG Properties Group has purchased 16 communities in the past year totaling more than 4,900 units and over $1.5 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.
