REAL ESTATE NEWS

MG Properties continues to add to its West Coast multifamily portfolio. The investment firm's latest acquisition for $95.6 million involves a 344-unit apartment complex in Kent, Washington.

CBRE represented the seller, which was not revealed, on the deal.

Known as Dockside Apartments, the property sits in the Lakes at Kent master planned community along the Green River and is within proximity to Seattle.

The garden-style apartments feature one, two and three-bedroom units. Also, all of the residences have private outdoor spaces. Amenities included at the property are a swimming pool, a fitness center, a clubhouse, a pet park and grilling spaces.

The move, according to MG, aligns with its strategy of buying high-quality properties in desirable areas on the West Coast. The San Diego-based firm said that Dockside particularly appeals to those looking for both "relaxation and convenience."

"We are excited to add Dockside Apartments to our growing Pacific Northwest portfolio," Jeff Gleiberman, president of MG, said in a statement.

"Its ideal location, strong resident demand, and potential for continued growth make it a perfect fit for our long-term investment strategy."

This marks MG's 11th purchase in the Seattle metro area. Earlier this year, it made two major acquisitions on the West Coast. This includes buying Park 12 Apartments for $309 million in San Diego, which was the third-largest apartment purchase in the city's history at the time and acquiring Citron Apartments for $144 million in Anaheim, California.

Lakes at Kent in total currently features 19 communities that includes apartments, condos, individual homes and townhouses.

Meanwhile, many West Coast markets are projected to see slower multifamily annual rent growth, according to a recent report from Markerr. This includes Seattle, which ranks near the bottom, with projected rent growth between only 2.5 and 2.8 percent. Some other markets with slower forecasted increases include San Diego and San Jose.

Source: GlobeSt/ALM