MG Properties Group pays $85m for Tacoma multifamily property

MG Properties Group has paid $85.5 million for Village on Main Apartments in Tacoma, Wash.

The 200-unit community offers a mix of retailers, restaurants and entertainment venues that provides a walkable urban village. The seller was Point Ruston Building 7 LLC.

Mark Gleiberman, founder and CEO of MG Properties Group, said, “Tacoma has tremendous potential, and we believe Village on Main provides an opportunity to participate in its continued growth."

Village on Main Apartments is the seventh property currently managed by MG Properties in the larger SeaTac metro. This marks the 17th acquisition in the past year for the company overall — totaling more than $1.5 billion in combined value. MG Properties is continuing to target further acquisitions in Arizona, California, Colorado, Nevada, Oregon, Texas, Utah and Washington state.