A San Diego-based private real estate company has acquired an apartment complex in unincorporated Lynnwood.
MG Properties Group announced the acquisition of Newberry Square Apartments on Tuesday. The complex was purchased along with a second complex in Woodinville for approximately $132.8 million.
Newberry Square was built in 2005 and contains 123 units.
MG Properties Group plans to perform strategic interior and exterior renovations to the properties, according to Mark Gleiberman, CEO of MG Properties Group.
“The locations and profiles of these properties make them excellent long-term strategic purchases for MGPG,” he said. “Through our value-add strategy, we expect the properties to remain competitive in the marketplace and generate stable cash flow for our private investment capital.”
MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions total over $817,000,000 in purchase price and 4,000 units. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-housing assets.