MG Properties Group Finds Opportunity in Reno due to California Proximity

Posted on 03/16/2022

San Diego-based MG Properties Group specializes in the acquisition, development, rehabilitation, and management of apartment communities throughout the Western United States. On August 4, 2021, MG Properties Group expanded its presence in the larger Reno/Sparks metro area with the acquisition of Parq Crossing Apartments. MG Properties Group purchased the property off-market directly from the developer. The seller was Guardian Capital out of Carlsbad, CA. The property was financed with a loan by Key Bank in the amount of US$ 48.8 million arranged by Brooks Benjamin.

Built in 2020, Parq Crossing, is a 288 unit, 3-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.

Parq Crossing address: 2280 Oddie Blvd., Sparks, NV 89431

In March 2022, MG Properties closed on the North Peak Apartments complex in Reno, Nevada, for more than US$ 117.2 million.

North Peak Apartments address: 8001 Military Rd, Reno, NV 89506

Reno Dreams
In September 2015, MG Properties purchased two apartment properties in Reno, Nevada, totaling 722 units for US$ 68.1 million. The properties were purchased via The transaction included the 318-unit Vizcaya Hilltop Apartments, built in 1991, and the 404-unit Village at Iron Blossom Apartments, built in 1984. Brokers for the transaction were Newmark Grubb Knight Frank, Mission Capital and

MG was founded in 1992 by Mark Gleiberman. Prior to forming MG Properties in 1992, Mark Gleiberman was a tax specialist for five years with international accounting firms Ernst & Whinney and Touche Ross and worked for six years in senior financial management positions with Hybritech Incorporated and Solar Turbines Corporation.

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