SAN DIEGO, Sept. 22, 2016 /PRNewswire/ -- MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Mosaic Hills Apartments in Kent, Washington.
Built in 1980, Mosaic Hills is located in Kent Heights, providing residents with convenient access to retail amenities and employment corridors throughout the south Seattle region. The low-density property features a broad mix of unit types, comprising one, two, and three-bedroom floorplans as well as an array of common area amenities. MGPG plans to significantly reposition the property through a multi-million dollar renovation plan which includes upgrades to the property's common areas and unit interiors as well as a substantial capital investment to cure deferred maintenance.
The property was purchased for $51,575,000. The sellers were represented by Giovanni Napoli and Phillip Assouad at Kidder Mathews. The acquisition was financed with a $41.3M Freddie Mac loan arranged by Charles Halladay and Lee Redmond at HFF.
According to Christian Garner, MGPG's Chief Investment Officer, "Our ownership of similar properties in Kent and surrounding markets provided us with operating efficiencies and strong market knowledge. We see Mosaic Hills as a diamond in the rough, and look forward to executing on our planned renovations."
Mosaic Hills marks MG Properties Group's tenth acquisition in the past year. The ten acquisitions total approximately 3,000 units and $460,000,000 in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 20 years MG Properties Group has acquired 93 communities with its private investors and institutional joint venture partners totaling over 19,000 units, representing more than $2.5 billion in total asset value, including 9,800 units at a value of $1.3 billion in the past five years. The company's current portfolio includes 12,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs 350 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.