MG Properties Expands Its Las Vegas Portfolio with $64 Million Purchase

MG Properties Expands Its Las Vegas Footprint

In a strategic move to bolster its presence in Las Vegas, MG Properties, a prominent real estate investment and management firm, has successfully acquired The Pearl at St. Rose for $64 million. This acquisition is not only a testament to MG Properties' growth strategy but also highlights the booming real estate market in South Las Vegas.

Located within the sought-after Silverado Ranch master-planned community, The Pearl at St. Rose consists of 270 residential units. This complex offers a perfect blend of accessibility and comfort, making it an attractive option for potential renters. The property features spacious floor plans, modern interior designs, and a plethora of lifestyle amenities, including a pool, spa, fitness center, dog park, and resident clubhouse. Built in 2000, the apartment community is strategically situated along the St. Rose Corridor, providing residents exciting access to a variety of local retail options and key employment centers throughout the Las Vegas Valley.

Jeff Gleiberman, President of MG Properties, expressed enthusiasm about the acquisition, stating, "We are excited to expand our presence in Las Vegas and further leverage the efficiency of our regional operations there." He highlighted the city’s continuing economic growth and diversification, combined with a limited future supply of housing, which bode well for long-term market fundamentals and potential growth.

This acquisition marks MG Properties' ninth multifamily purchase in the last year, contributing to a portfolio that now encompasses over 3,250 units and surpassing a total of $1 billion in real estate investments. The company’s recent activities indicate a robust commitment to the Las Vegas market, anticipated to thrive due to ongoing economic advantages and an influx of residents seeking attractive rental opportunities.

The transaction was facilitated by Berkadia, with Charles Steele, John Cunningham, and Jared Glover representing the seller, an affiliate of The CONAM Group. Financing for this significant deal was provided by Freddie Mac, a government-sponsored enterprise. The financing process was managed by a professional team from Berkadia, including Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach.

Founded in 1992 by Mark Gleiberman, MG Properties is a fully integrated, privately owned real estate company headquartered in San Diego, California. Specializing in multi-family assets, MG Properties is dedicated to enriching communities, and its growing portfolio currently includes over 32,000 rental homes across several states including California, Washington, Arizona, Nevada, Colorado, Texas, and Oregon. The acquisition of The Pearl at St. Rose not only strengthens its position within the rapidly evolving real estate landscape of Las Vegas but also reaffirms its commitment to delivering quality housing and enhancing community living.

As real estate trends evolve and markets fluctuate, MG Properties remains focused on its mission to create value and provide quality living spaces for residents. The future looks promising for the company in Las Vegas, where the synergy of strategic acquisitions and economic growth positions MG Properties as a key player in the multifamily housing sector. With plans to further invest in the area, the company is undoubtedly on the path to defining and shaping the future of residential living in this vibrant city.