News Summary
MG Properties has successfully acquired The Pearl at St. Rose for $64 million, marking their ninth multifamily acquisition in the last twelve months. Located in South Las Vegas, the property features 270 apartment units and is integrated within the Silverado Ranch community. This acquisition underscores MG Properties’ aggressive growth strategy, which involves accumulating over 3,250 units and exceeding $1 billion in total investments. The transaction reflects the robust activity in the Las Vegas multifamily market as demand for housing continues to rise.
Las Vegas, NV – MG Properties, a prominent real estate investment and management firm, has finalized the acquisition of The Pearl at St. Rose for $64 million. This marks MG Properties’ ninth multifamily acquisition within the past twelve months, highlighting their substantial growth strategy as they accumulate over 3,250 units and surpass $1 billion in total investments during this period.
The Pearl at St. Rose is embedded within the Silverado Ranch master-planned community in South Las Vegas. The property boasts 270 apartment units located along the St. Rose Corridor, providing convenient access just 13 miles away from downtown Las Vegas and 7 miles from Harry Reid International Airport. This multifamily property spans 14 acres and consists of 17 two-story residential buildings, which were originally constructed in 2000.
The apartment units at The Pearl at St. Rose feature a diverse mix of one-, two-, and three-bedroom floorplans that range in size from 708 to 1,072 square feet. Residents can enjoy private balconies or patios, complemented by modern interior finishes. The complex also provides an array of community amenities, including a swimming pool equipped with a sundeck and spa, a fitness center, a dog park, a resident clubhouse, a playground, a barbecue pavilion, a picnic area, and a social lounge, catering to a variety of lifestyle needs.
The seller of the property was an affiliate of The CONAM Group and was represented in the transaction by a team from Berkadia, including Charles Steele, John Cunningham, and Jared Glover. Financing for the acquisition was sourced through Freddie Mac, with assistance from Berkadia’s team, which included Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino, and Michael Beach.
Before the recent purchase, The Pearl at St. Rose was acquired for $41.9 million in July 2018, indicating a significant appreciation in value since that time. The strategic move to acquire this property aligns with MG Properties’ goals to capitalize on the economic growth and the anticipated limited future supply of multifamily housing in the Las Vegas market.
As of August, the Las Vegas multifamily transaction market has been notably active, with 12 assets totaling 3,005 apartments sold for a combined value of $648.6 million year-to-date. MG Properties has been proactive in their expansion, recently completing notable acquisitions such as a $144 million purchase of Citron Apartments and a $309 million acquisition of Park 12 Apartments, further solidifying their investment strategy across varied markets.
This acquisition of The Pearl at St. Rose not only emphasizes MG Properties’ commitment to growing their portfolio but also reflects the robust development and investment trends within the Las Vegas real estate sector.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Multi-Housing News
- Wikipedia: Las Vegas
- PR Newswire
- Google Search: Las Vegas real estate trends
- Rebusiness Online
- Google Scholar: Las Vegas real estate
- Connect CRE
- Encyclopedia Britannica: real estate
- MultiFamilyBiz
- Google News: MG Properties acquisitions
Author: STAFF HERE LAS VEGAS WRITER
LAS VEGAS STAFF WRITER The LAS VEGAS STAFF WRITER represents the experienced team at HERELasVegas.com, your go-to source for actionable local news and information in Las Vegas, Clark County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Electric Daisy Carnival, World Series of Poker, and Consumer Electronics Show. Our coverage extends to key organizations like the Las Vegas Chamber of Commerce and Three Square Food Bank, plus leading businesses in hospitality and entertainment that power the local economy such as MGM Resorts International, Caesars Entertainment, and Las Vegas Sands. As part of the broader HERE network, we provide comprehensive, credible insights into Nevada's dynamic landscape.
