Investor Buys Seattle-Area Apartment Complex for $96M
MG Properties has purchased the Dockside Apartments, a 344-unit property in Kent, for $95.6 million.
The San Diego-based company acquired the Seattle area multifamily in the Lakes at Kent master-planned community along the Green River, reported the Puget Sound Business Journal. The seller, Rise Properties Trust, bought the nearly 17-acre property six years ago for $83.1 million. Dockside’s assessed value is over $91.5 million.
The seller was represented by Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE. Transaction financing was led by CBRE Capital Markets’ Troy Tegeler and Trevor Breaux.
The Kent property is MG’s 11th in the region. The company manages over 32,000 apartment homes in over 115 communities in high-growth areas in California, Arizona, Nevada, Washington, Oregon, Colorado and Texas.
It was the second major South King County garden-style asset to trade recently, following a $47.4 million deal in which TruAmerica Multifamily acquired Plum Tree Park, a 96-unit Renton multifamily property.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout