MG Properties, a leading real estate investment and management firm, announced its $100.25M acquisition of NOVO Broadway Apartments (formerly known as Parc Broadway), a residential community located in Tempe, Arizona recently completed by Evergreen Devco, Inc.. The property features a 4-story building consisting of studio to 3-bedroom apartments between 632 and 1,262 square feet. Built in 2022, a total of 324 units offer luxury living.
Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents easy access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property’s luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.
“NOVO Broadway Apartments is a high quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy,” said Jeff Gleiberman, President of MG Properties.
The sellers, Evergreen Devco Inc., were represented by Steve Gebing and Cliff David of IPA. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.
