San Diego-based MG Properties Group has acquired the LIV Bel-Red Apartment Homes in Bellevue, Washington, for $191 million from a fund managed by Kennedy Wilson.
The 451-unit multifamily community, which has been renamed Vue 22 Apartments, is in a submarket positioned between downtown Bellevue and downtown Redmond, an area with strong employment growth.
Completed in 2015, the multifamily community features a wealth of common area amenities, including a rooftop deck with outdoor TVs, a high-tech fitness center and yoga studio, a courtyard, and a community garden. Walkable dining and entertainment options surround the property.
“We have been very active purchasers in the Seattle region and believe Bellevue is well positioned to benefit from economic growth in the near term,” said MG Properties Group CEO Mark Gleiberman. “Vue 22’s location and profile make it an excellent fit for our long-term cash-flow oriented private capital investor group.”
The JLL Capital Markets team representing the seller, Kennedy Wilson Fund V, was led by David Young, Corey Marx, Chris Ross, and Jordan Louie. Financing was led by JLL Capital Markets’ Charles Halladay, Rick Salinas, and Jake Wisness.
In the past 12 months, MG Properties Group has acquired seven multifamily communities with over 2,000 units and $715 million in combined value. The real estate investor and operator seeks to continue its expansion by targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
Over the past 27 years, the firm has acquired about 150 communities totaling more than 34,000 units with its private investors and institutional joint venture partners, representing more than $7.5 billion in asset value. Its current portfolio includes more than 20,000 multifamily units valued at $5 billion.