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Centra, the 223-unit apartment complex in Midtown Phoenix that offers residents indoor and outdoor lounges, mini-golf, fitness center, a resort-style pool and more, was recently acquired by San Diego-based real estate investor MG Properties Group. The group announced the acquisition earlier today.
MG Properties Group acquired the property built in 2020 for $74.5 million from FORE Property.
“We are excited about continuing the blueprint that was laid out at Centra and look forward to continuing success within the Arizona market,” says Mark Gleiberman, Founder & CEO of MG Properties, “The demand for luxury residential housing has left a lot of opportunity in Midtown.”
Situated in the heart of Midtown, the five-story one and two bedroom apartment complex boasts a rooftop deck with sprawling city views. The apartment units are branded as ‘ultra-modern’ and feature wood-style plank flooring, walk-in closets, granite countertops, full size in-home washer and dryers, as well as keyless smart lock technology. Units also have private balcony or patio space.
Centra is ideally located on N Central Avenue close to mass transit and commuter freeways.
MG Properties Group is a privately owned real estate owner and operator that invests in multi-family assets. Since 1992, the company has invested in property in California, Washington, Arizona, Nevada, and Oregon. Following the purchase of two other 2021 projects, The Retreat and Andante Apartments, Centra will be the group’s 11th property in the region.