May 20, 2024

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MG Properties Purchases $62M Seattle Area Asset

2 min read

The property was sold for $40.5 Million in its previous transaction.

MG Properties has acquired Artesia for $61.6M. It is a 192 unit multifamily complex in Everett (Washington), a Seattle suburb. Yardi Matrix shows that the seller, RISE Properties purchased the asset for $40.5 in 2016. Institutional Property Advisors a division Marcus & Millichap brokered the sale on behalf of seller, and arranged acquisition financing.

The community was completed in 1990 and consists of 15 buildings. Each building has a floorplan with a one, two, or three bedroom layout. These range between 700 and 1,150 square feet. The apartments have fireplaces, and washers and tumble dryers are included in the units. Residents can enjoy a fitness centre, clubhouse with playground, swimming pools, spas, and 405 parking spots. The previous owner updated the interiors and communal areas between 2018 and 2022.

The community is located at 11225 19th Ave. The community is located off Interstate 5 approximately 24 miles north from downtown Seattle, and less than four miles from Paine Field Airport. The property is 5 miles away from Boeing’s main production facility, and adjacent to Silver Lake Park and Thornton A. Sullivan Park. Everett Mall lies about 2 miles from the property.

Strong market for multifamily properties

IPA Vice-President of Investments Anthony Palladino represented the seller and secured the buyer, alongside Executive Directors Giovanni Napoli and Philip Assouad, and Associates Ryan Harmon and Nicholas Ruggiero. The IPA Capital Markets group that secured the financing was comprised of Managing directors Tyler Johnson and Jake Vitta, as well as Executive Managing Director Brian Eisendrath. Senior Managing director Cameron Chalfant completed the team.

A Yardi Matrix Report indicates that Seattle’s multifamily transaction will reach $4.4 billion by 2022. Silver Lake is one of the most active submarkets. The average price per unit increased by 6.1 percent in the past year, to $392,968, which is significantly higher than the national average.

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