MG Properties Group, a private San Diego-based real estate investor and operator, recently acquired the Parq Crossing Apartments in Sparks. The seller was the property’s original developer, Guardian Capital, out of Carlsbad, California.
According to Washoe County records, the transaction is valued at $82 million.
The purchase was financed with a loan by Key Bank in the amount of $48.8 million, arranged by Brooks Benjamin, according to an Aug. 4 press release from MG Properties Group.
“We are pleased to be further growing our presence in Sparks,” company founder and CEO Mark Gleiberman said in a statement. “The Reno/Sparks metro has experienced remarkable apartment fundamentals driven by continued employment and population expansion to the area.”
Built in 2020, Parq Crossing is a 288-unit, 3-story garden style community located at 2280 Oddie Blvd.
According to past reports, the property welcomed its first residents in August 2020 — at the time, rents started at $1,100 a month for a 425-square-foot studio; $1,295 a month for a 645 sq. ft. one-bed, one-bath apartment; and $1,500 for a two-bed, two-bath apartment at 902 sq. ft.
A year later, according to the property’s website, rents range from $1,301 to $1,598 for the 425-sq.-ft. units and $1,822 to $2,081 for the 902 sq. ft. apartments.
“MG Properties Group owns and manages six other apartment communities in the Reno metro area,” according to the release, “and will be able to enhance management through economies of scale.”
Over the past year, MG Properties Group has purchased 16 communities totaling over 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.
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