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Evergreen Devco Inc., a Phoenix-based real estate development company, recently sold their newly built Tempe project to MG Properties for $100.25 million. This equates to an average of over $300,000 per unit. Completed in 2022, the 324-unit property is already at 96% occupancy with units ranging from 632 to 1,262 square feet and monthly rents between $1,700 and $2,600.

Formerly known as Parc Broadway Apartments, the community has been re-branded as Novo Broadway Apartments. According to reports from the Phoenix Business Journal , this acquisition brings MG Properties’ total ownership in metro Phoenix up to twelve properties with a combined total of 4