MG Properties Acquires 2 WA Assets for $133M
- Dec 20, 2017
MG Properties Group has acquired two Class A communities in the state of Washington: Beaumont Apartments in Woodinville and Newberry Square Apartments in Lynnwood. The two purchases total 467 units and $132.8 million.
“The locations and profiles of these properties make them excellent long-term strategic purchases for MGPG,” said Mark Gleiberman, chief executive officer of 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.”
The 344-unit Class A Beaumont was constructed in 2009 and is located at 14001 NE 183rd St. The community offers studio, one- and two-bedroom floorplans ranging from 544 to 1,287 square feet. Comprising three four-story buildings, the asset includes interior features such as washer/dryers, fireplaces, high ceilings and private balcony/patios. Residents have access to amenities like a fitness center, business center, clubhouse, swimming pool and spa.
MGPG acquired the asset from Guardian Life Insurance Co. for $99 million, according to Yardi Matrix. The seller was represented by Jeff Williams and Tim Brown at Moran & Co. MGPG purchased the property subject to the assumption of $49.3 million of fixed-rate debt and obtained a $10.4 million Fannie Mae fixed-rate loan, arranged by Nathan Prouty at NorthMarq Capital.
Located at 16116 Ash Way, the 161-unit Class A Newberry Square was constructed in two phases from 2004 to 2005. Offering studio, one-, two- and three-bedroom floorplans ranging from 673 to 1,221 square feet, the property encompasses two four-story buildings that feature parking and 30,000 square feet of ground floor retail. Interiors include washer/dryers, vaulted ceilings and private balcony/patios. Residents have access to amenities such as a business center and the shops below.
The seller, Fairfield Residential, was represented by Kenny Dudunakis, David Sorensen and Ben Johnson at Berkadia. The acquisition was financed with a $21.9 million Fannie Mae loan arranged by Bryan Frazier of Walker & Dunlop.
MG Properties Group acquired 11 communities in the past 12 months, totaling more than $817 million and 4,000 units. Earlier in the month, MGPG acquired Lakeview at Superstition Springs, a 676-unit apartment community in Mesa, Ariz. The company plans to acquire additional properties in Washington, Oregon, Arizona, California, Colorado and Nevada.
Images courtesy of Yardi Matrix