MG Properties Buys $62M Seattle-Area Asset
In its previous sale, the property traded for $40.5 million.
MG Properties has acquired Artesia, a 192-unit multifamily community in the Seattle suburb of Everett, Wash., for $61.6 million. The seller, RISE Properties, purchased the asset in 2016 for $40.5 million, according to Yardi Matrix data. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal on behalf of the seller and arranged the acquisition financing.
Completed in 1990, the community comprises 15 buildings with one-, two- and three-bedroom floorplans which range from 700 to 1,150 square feet. Apartments feature fireplaces and in-unit washers and dryers. Resident amenities include a fitness center, clubhouse, playground, swimming pool and spa, along with 405 parking spaces. Between 2018 and 2022, previous ownership updated both interiors and common areas.
Located at 11225 19th Ave. SE, the community is off Interstate 5, roughly 24 miles north of downtown Seattle and less than 4 miles from the Paine Field airport. Adjacent to Silver Lake and the Thornton A. Sullivan Park, the property is also 5 miles from Boeing’s main manufacturing facility. Everett Mall is some 2 miles away.
A strong market for multifamily transactions
IPA Vice President of Investments Anthony Palladino, along with Executive Directors Giovanni Napoli and Philip Assouad and Associates Ryan Harmon and Nicholas Ruggiero, represented the seller and procured the buyer. The IPA Capital Markets team which secured the financing consisted of Managing Directors Jake Vitta and Tyler Johnson, along with Executive Managing Director Brian Eisendrath and Senior Managing Director Cameron Chalfant.
Seattle’s multifamily transactions amounted to $4.4 billion in 2022, with Silver Lake being one of the top submarkets, a Yardi Matrix report shows. The per-unit price registered a 6.1 percent year-over-year growth, reaching $392,968, significantly above the national average of $215,719.