Source: MG Properties Group / #Apartments #Multifamily
KENT, WA - MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Mosaic Hills Apartments in Kent, Washington.
Built in 1980, Mosaic Hills is located in Kent Heights, providing residents with convenient access to retail amenities and employment corridors throughout the south Seattle region. The low-density property features a broad mix of unit types, comprising one, two, and three-bedroom floorplans as well as an array of common area amenities. MGPG plans to significantly reposition the property through a multi-million dollar renovation plan which includes upgrades to the property's common areas and unit interiors as well as a substantial capital investment to cure deferred maintenance.
The property was purchased for $51,575,000. The sellers were represented by Giovanni Napoli and Phillip Assouad at Kidder Mathews. The acquisition was financed with a $41.3M Freddie Mac loan arranged by Charles Halladay and Lee Redmond at HFF.
According to Christian Garner, MGPG's Chief Investment Officer, "Our ownership of similar properties in Kent and surrounding markets provided us with operating efficiencies and strong market knowledge. We see Mosaic Hills as a diamond in the rough, and look forward to executing on our planned renovations."
Mosaic Hills marks MG Properties Group's tenth acquisition in the past year. The ten acquisitions total approximately 3,000 units and $460,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.