MG Properties Group Pays $191M for Seattle-Area Community
- Dec 10, 2020
MG Properties Group has acquired a 451-unit apartment community in Bellevue, Wash., for $191 million from a fund managed by Kennedy Wilson. The deal marks the San Diego-based investor and operator’s seventh acquisition of a multifamily community over the past 12 months.
A JLL Capital Markets team of David Young, Corey Marx, Chris Ross and Jordan Louie represented the seller in the deal, Kennedy Wilson Fund V. Financing for the transaction was led by Charles Halladay, Rick Salinas and Jake Wisness, also of JLL Capital Markets.
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Built in 2015, the community was previously named LIV Bel-Red, but has been renamed Vue 22 Apartments. The property is located in the Bel-Red area, about 4 miles northeast of downtown Bellevue and roughly 13 miles east of downtown Seattle.
The Class A community has a mix of studio, one-, two- and three-bedroom units averaging 800 square feet in size, according to Yardi Matrix data. Apartment interiors include washers and dryers, stainless steel appliances, quartz countertops, USB charging outlets, built-in desks and walk-in closets. Resident amenities at the property include a fitness center, business center, clubhouse, rooftop deck, dog wash and grooming area and bike storage.
MG Properties Group CEO Mark Gleiberman said in prepared remarks that his firm has been “very active” in purchasing properties in the Seattle region and is bullish on the Bellevue area. Gleiberman added that the company is targeting more multifamily acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.
In one of its most recent deals, MG Properties paid $78 million for a 230-unit apartment community in Murrieta, Calif., from MBK Rental Living. The deal marked one of the largest multifamily transactions in the Inland Empire in 2020.