December 23, 2019
MG Properties Group acquired two multifamily communities; the Pallas Apartments in Beaverton, OR and the Tivalli Apartments in Lynnwood, WA (pictured), for a combined total of more than $305 million. With these acquisitions, the San Diego-based company has acquired nearly $3 billion of apartment properties in the Western U.S. since 2017.
MG Properties Group’s Mark Gleiberman says, “These acquisitions reflect our continued belief in the economic potential of the Pacific Northwest, and allow MG Properties Group to further create economies of scale to enhance the performance of our existing regional portfolio.”
Pallas Townhomes & Apartments, a 566-unit community at 15021 SW Millikan Way, was purchased in an off-market transaction for $186 million from a JV between Holland Partner Group and Invesco Real Estate. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
Tivalli Apartments, a 383-unit community at 15631 Ash Way north of downtown Seattle, was acquired for $119.2 million. David Young and Corey Marx of JLL represented the seller. Financing was provided by Freddie Mac and arranged by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.
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