REAL ESTATE BRIEFS: JUNE 18

MG Properties acquires Verona Apartments

MG Properties, a private San Diego-based real estate investor, owner, and operator, has acquired the 275-unit Verona Apartments in Henderson. MG Properties owns five other properties in the Las Vegas. The Henderson submarket is one of the fastest-growing cities in the country because of its job growth, award-winning master-planned communities, strong school system and amenities.

Relative affordability of Las Vegas when compared to coastal metros has led to expansion by top employers, and the location of Verona Apartments benefits from excellent accessibility to multiple major throughways that connect residents to major job centers throughout the metro.

“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. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada.

Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from Key Bank Real Estate Capital.

Henderson Hospital expansion completed

SR Construction, a full-service design-build general contractor, has announced the completion of the Henderson Hospital expansion project. This project consisted of a six-story patient tower valued at $150 million, adding 133 beds to the health care facility with an additional 44 beds shelled out for future growth needs. The tower opened its doors for new patients in late 2021.

“We are pleased to announce the completion of the Henderson Hospital tower and want to thank our valued client, The Valley Health System, and all of our trade partners who were involved in making this project a success,” said Bret Loughridge, president at SR Construction.

“It’s important to also consider the context of this construction project,” said Sam Kaufman, CEO of Henderson Hospital. “SR Construction worked tirelessly throughout the pandemic to help us successfully open more in-patient and ER beds to care for the overwhelming number of patients who needed medical care. It’s been a true testament to the commitment and teamwork of everyone involved who helped our community access the care they needed.”

Phase one of the expansion project included the addition of 105 medical/surgical beds, including the relocation of the existing 25-bed observation nursing unit and increasing the observation unit to 36 beds.

This phase also included the expansion of Henderson Hospital’s Women’s Services area by adding six labor and delivery suites, another caesarean-section surgical suite, 18 new Neonatal Intensive Care Unit (NICU) beds, and four antepartum beds for high-risk mothers-to-be. To accommodate the expected increased patient volume, a three-story parking structure with 480 spaces was built, with the capability to expand to six stories.

HDR Architecture, P.C. served as the architect throughout this project.