NOVO Broadway Apartments in Tempe, Arizona

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona, for $100.2 Million

by Channing Hamilton

TEMPE, ARIZ. — MG Properties has purchased NOVO Broadway Apartments, a recently built apartment community in the eastern Phoenix suburb of Tempe, from Evergreen Devco Inc. for $100.2 million. The seller originally delivered the property as Parc Broadway in 2022.

According to, NOVO Broadway Apartments totals 324 units in studio, one-, two- and three-bedroom floor plans. Units range in size from 632 to 1,262 square feet and feature stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies or patios. Amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge.

Steve Gebing and Cliff David of Institutional Property Advisors (IPA) represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of MG Properties.

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