MG Properties Acquires NOVO Broadway Apartments In Tempe For $100.25M

The recently completed NOVO Broadway Apartments in Tempe, Arizona, has been acquired by MG Properties for $100.25 million. The multifamily property, located at 711 West Broadway Road in Mesa, AZ, caught the attention of MG Properties and was deemed a valuable investment in the market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $100,250,000
• Market: Mesa, AZ

Leading the acquisition is Jeff Gleiberman from MG Properties, who recognized the potential of the NOVO Broadway Apartments. On the other side of the deal, Bruce Pomeroy, CRX, CDP represented Evergreen Devco Inc as the seller. The transaction was facilitated by brokers Cliff David and Steve Gebing from Institutional Property Advisors.

Freddie Mac was involved in the transaction as the lender, providing financial support for the acquisition. Brian Eisendrath and Cameron Chalfante, also from Institutional Property Advisors, acted as the mortgage brokers in the deal.

The purchase of the NOVO Broadway Apartments by MG Properties signifies their commitment to expanding their multifamily portfolio. With their expertise and strategic vision, the acquisition is expected to contribute positively to the growth of MG Properties in the Mesa, AZ market.