September 25, 2016
MG Properties Group, based in San Diego, snagged the 336-unit Mosaic Hills Apartments. The buyer paid the Newport Beach, CA seller $51.6 million for the asset at 10811 S.E. 239th St. in Kent, WA. Public records list the seller as 10811 S.E. 239TH Place LLC, which was represented by Giovanni Napoli and Phillip Assouad at Kidder Mathews. The acquisition was financed with a $41.3M Freddie Mac loan arranged by Charles Halladay and Lee Redmond at HFF.
The property was built in 1980, and, according to MGPG’s Christian Garner, is a “diamond in the rough.” The new owner will move forward on multimillion-dollar renovations that include upgrades to common areas, unit interiors, and a substantial capital investment to take care of deferred maintenance.
Meanwhile, MGPG continues targeting Arizona, California, Colorado, Nevada, Oregon and Washington for more acquisitions.
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