MG Properties Group Pays $52M for Nevada Multifamily
San Diego-based MG Properties Group has acquired the 184-unit Caviata at Kiley Ranch apartment community here for $51.7 million from Oakmont Properties.
The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt to MG Properties.
Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno, NV office, along with Ryan Rife, vice president investments, and Daniel Winrod, associate with Marcus & Millichap, represented the seller, Oakmont Properties of Sacramento, CA and procured the buyer.