MG Properties Group acquires two Seattle area apartment properties for $133m

MG Properties Group, a privately owned West Coast real estate owner and operator specializing in multi-housing assets, has acquired two properties in the greater Seattle area. The total price of the acquisitions was about $132.8 million.

The two properties include Beaumont Apartments in Woodinville, Wash., a 344-unit class A apartment community, and Newberry Square Apartments in Lynnwood, Wash., a 123-unit class A apartment community.

MGPG plans to perform strategic interior and exterior renovations to the properties.

“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,” said Mark Gleiberman, MGPG’s CEO.

MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions total more than $817 million in purchase price and 4,000 units. The company is targeting further acquisitions in Washington, Oregon, Arizona, Ca