MG Properties, a private commercial real estate firm based in San Diego, has acquired the 275-unit Verona Apartments in Henderson for $103,500,000, according to the Clark County property public records. Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from KeyBank Real Estate Capital.
Constructed in 2007, Verona Apartments has one, two, and three-bedroom units ranging from 786 SF to 1,236 SF. The seller, LivCor, previously purchased it for $52 million in 2019. LivCor is a Blackstone portfolio company.
MG Properties owns five other properties in the greater Las Vegas valley. The Henderson submarket in the valley is one of the fastest growing cities in the country. Relative affordability of the greater Las Vegas valley when compared to coastal metros has led to expansion by top employers and population growth.
“Las Vegas continues to be a major beneficiary of the economic recovery, with strong population and employment growth,” said Jeff Gleiberman, Managing Director of MG Properties. “We are pleased to add Verona to our regional portfolio and continue to be optimistic about the future prospects for the Las Vegas market.”
MG Properties has acquired 11 communities in 2022 so far, totaling over 2,800 units exceeding $990 million in combined value.