MG Properties Pays $52M for Seattle-Area Asset

HFF arranged a $41.3 million Freddie Mac loan for the purchase, which marks the firm's 10th acquisition this year.

by Evelina Croitoru

Mosaic Hills, Kent, Wash.
Mosaic Hills, Kent, Wash.

SeattleMG Properties Group, a private San Diego-based real estate investor and operator, has acquired Mosaic Hills Apartments in Kent, Wash., for a price tag of $51.6 million.

The undisclosed seller was represented by Giovanni Napoli and Phillip Assouad from Kidder Mathews. Charles Halladay and Lee Redmond from HFF arranged a $41.3 million Freddie Mac loan for the acquisition.

Located in Kent Heights, Mosaic Hills lies in close proximity to retail destinations and employment corridors across the south Seattle region. The community will undergo a multi-million dollar renovation plan, which includes improvements to the property’s common areas and unit interiors, as well as a hefty capital investment to cure held up maintenance.

The property marks MGPG’s 10th acquisition in the past year, rounding up to approximately 3,000 units and a $460 million combined purchase price. The company is planning further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington.

Image courtesy of MG Properties Group