MG Properties Acquires Artesia Apartments in Everett, WA for $61.6 Million

SAN DIEGO, May 25, 2023 /PRNewswire/ -- MG Properties, a privately held real estate investment company, has announced the acquisition of Artesia Apartments, a premier apartment community located in the Silver Lake neighborhood of Everett, Washington, for a purchase price of $61.6 million.

Artesia Apartments is a 192-unit apartment community located in the highly desirable city of Everett, which is a thriving business hub and offers easy access to Seattle and the surrounding areas. The community features spacious and modern one-, two-, and three-bedroom apartments situated directly on Silver Lake, providing residents with a variety of recreational activities and excellent access to the region's largest employers. 

"We are thrilled to add Artesia Apartments to our growing Seattle portfolio," said Jeff Gleiberman, President of MG Properties. "This purchase aligns with our investment strategy of making long-term acquisitions in strong markets with solid growth potential."

The seller, RISE Properties Trust, was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of Institutional Property Advisors.

To learn more visit: https://www.rentartesia.com.

ABOUT MG PROPERTIES
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. MG has purchased twelve properties totaling more than $1.5 billion in the past year. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 100 communities. For additional information, visit www.mgproperties.com.

SOURCE MG Properties