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MG Closes on Acquisitions of Two Seattle Area Multifamily Properties

Total of 467 Units Trade for $132.8M
December 19, 2017
MG Properties Group (MGPG), a San Diego-based real estate investor and operator, has closed on its separate acquisitions of the Beaumont Apartments in Woodinville, WA and the Newberry Square Apartments in Lynnwood, WA for an aggregate purchase price of $132.8 million, or approximately $284,000 per unit.

The Guardian Life Insurance Company of America sold the 344-unit Beaumont at 14001-14170 NE 183rd St. for $99 million ($288,000 /unit). Built in 2009, the 459,756-square-foot, 4-Star multifamily community is located within 20 miles of more than 700,000 jobs in Bellevue, Redmond and downtown Seattle.

In connection with the sale, MGPG assumed $49.25 million in fixed-rate debt and obtained a $10.4 million, fixed-rate supplemental Fannie Mae loan arranged by Nathan Prouty at NorthMarq Capital.

Jeff Williams and Tim Brown at Moran & Company represented the seller in the deal.
See CoStar COMPS #4051996 for additional information on this transaction.

Fairfield Newberry Square LLC sold the 123-unit Newberry Square property, located at 16116 Ash Way for $33.63 million ($273,000 /unit). Built in 2005, the 200,773-square-foot, 4-Star multifamily community is located in the Lynnwood submarket, between Everett and Seattle.

The acquisition was financed with a $21.89 million, Fannie Mae loan arranged by Bryan Frazier of Walker & Dunlop.

Kenny Dudunakis, David Sorensen and Ben Johnson at Berkadia represented the seller in the deal.

See CoStar COMPS #4079670 for additional information on this transaction.

MGPG plans to perform strategic interior and exterior renovations to both properties.

"The locations and profiles of these properties make them excellent long-term strategic purchases for MGPG," said Mark Gleiberman, the firm's CEO. "Through our value-add strategy, we expect the properties to remain competitive in the marketplace and generate stable cash flow for our private investment capital."

The privately-owned, multifamily-focused investment firm has reported it closed on 11 properties totaling 4,000 units in the past 12 months valued at $817 million, including its $117.5 million acquisition of the 456-unit Waterleaf Apartments in Vista, CA. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.

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