In $53 million deal, San Diego firm buys Marina Village Apartments in Sparks
SPARKS, Nev. — A San Diego-based real estate investment firm recently purchased the 240-unit Marina Village Apartments complex in Sparks.
According to public records, MG Properties Group acquired the complex on Nov. 26 for $53,750,000 from Sunroad Enterprises, a real estate firm also based in San Diego.
Financing for the acquisition was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
“This acquisition leverages our existing management platform, creating operational efficiencies and allowing us to scale our portfolio in this robustly growing market,” Mark Gleiberman, MG Properties Group’s CEO, said in a Dec. 10 press release announcing the purchase.
Built in 2005, the Marina Village Apartments property is located at 350 Harbour Cove Drive next to the Sparks Marina Park.
It features a mix of 1-, 2- and 3-bedroom units, ranging in size from 739 square feet to 1,256 square feet. According to the Marina Village Apartments website, rental rates range from $1,213 to $1,299 (1-bed), $1,626 (2-bed) and $1,695 to $1,899 (3-bed).
The property also includes a 24-hour fitness center, high-end business center, resort-style swimming pool and year-round spa.
According to the Dec. 10 press release, MG Properties Group plans to invest capital “to strategically upgrade the community’s common areas and unit interiors.”
According to public records, Nevada-based Marina Village Apartments LLC sold the newly built complex in 2006 to Delaware-based MVA 240 LLC for $35 million.
Sunroad Enterprises eventually purchased the property in September 2018 for $51,120,000.
Per the agreement, Caesars will continue to operate Harrah’s for the first half of 2020 before it’s redeveloped into a non-gaming hotel and mixed-use development.