MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California announced their acquisition of Village on Main Apartments for $85,500,000.
The 200-unit community is one of the few multifamily additions to the Point Ruston Waterfront in Tacoma, Washington. This master-planned community offers a lively mix of retailers, restaurants, and entertainment venues that provides a walkable urban village. The coveted local Waterwalk is a scenic waterfront promenade that connects residents to the world-class amenities Tacoma is known for – and beyond. As part of this mixed-use development, Village on Main offers residents luxury apartment living and easy access to the perks of the region’s $54B+ public infrastructure project and employer base.
“We’re thrilled to be expanding our reach in the Pacific Northwest with Village on Main,” said Mark Gleiberman, Founder & CEO of MG Properties Group. “Tacoma has tremendous potential, and we believe Village on Main provides an opportunity to participate in its continued growth.”
The seller – Point Ruston Building 7 LLC – a company owned by developer Loren McBride Cohen, was represented by Chris Ross, David Young, Corey Marx, Jordan Louie, and Michael Lyford of Jones Lang LaSalle (JLL). Financing was led by JLL Capital Markets’ Charles Halladay, Rick Salinas, and Jake Wisness.
Village on Main Apartments is the seventh property currently managed by MG Properties in the larger SeaTac metro. This marks the 17th acquisition in the last year for the company overall – totaling over $1.5 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.