SEATTLE, WA - MG Properties Group, a private San Diego-based real estate investor and operator, announced the acquisition of Beaumont Apartments in Woodinville, WA and Newberry Square Apartments in Lynnwood, WA. The two separate acquisitions total 467 units and approximately $132.8 million in purchase price.
Beaumont Apartments: Built in 2009, the 344-unit class "A" apartment community is located within 20 miles of over 700,000 jobs in Bellevue, Redmond, & downtown Seattle. The sellers were represented by Jeff Williams and Tim Brown at Moran & Company. MGPG purchased the property subject to the assumption of $49,250,000 of fixed-rate debt and obtained a $10.4MFannie Mae fixed-rate supplemental loan arranged by Nathan Prouty at NorthMarq Capital.
Newberry Square Apartments: Built in 2005, the 123-unit class "A" apartment community is located in the thriving Lynnwood submarket between Everett and Seattle. The seller was represented by Kenny Dudunakis, David Sorensen, and Ben Johnson at Berkadia. The acquisition was financed with a $21,887,000 Fannie Mae Loan arranged by Bryan Frazier of Walker & Dunlop.
MGPG plans to perform strategic interior and exterior renovations to the properties. According to Mark Gleiberman, MGPG's Chief Executive Officer, "The locations and profiles of these properties make them excellent long-term strategic purchases for MGPG. 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."
MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions total over $817,000,000 in purchase price and 4,000 units. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.