MG Properties Expands Portfolio with Acquisition of Dockside Apartments in Kentucky

MG Properties Expands Presence in Washington with Dockside Apartments Acquisition

In a strategic move to bolster its real estate investments, MG Properties has announced the acquisition of Dockside Apartments for an impressive $95.6 million. This premier multifamily community is located in Kent, Washington, nestled within the Lakes at Kent master-planned community.

Overview of Dockside Apartments

Dockside Apartments features 344 garden-style units that provide a serene living environment along the picturesque Green River. The apartments offer a selection of spacious layouts, including one-, two-, and three-bedroom residences, all strategically designed with modern interiors and open-concept spaces that allow residents to enjoy every square foot of their homes. Moreover, many units feature private outdoor areas, allowing individuals to experience a unique blend of nature and urban convenience.

In addition to its attractive apartments, Dockside Apartments boasts a range of lifestyle amenities tailored to enhance resident comfort and recreation. The community includes a resort-style swimming pool, a state-of-the-art fitness center spanning three levels, and a clubhouse equipped with a lounge and kitchen. Outdoor grilling areas and a pet park are also available, creating an all-encompassing environment that caters to various lifestyle needs. This property emerges as a sought-after oasis for those seeking both relaxation and connectivity to the vibrant Seattle area, which is just a short commute away.

Strategic Acquisition

Jeff Gleiberman, President of MG Properties, expressed excitement about this new acquisition, highlighting its strategic significance. He remarked, "We are excited to add Dockside Apartments to our growing Pacific Northwest portfolio. Its ideal location, strong resident demand, and potential for continued growth make it a perfect fit for our long-term investment strategy." MG Properties has focused on acquiring high-quality properties in desirable markets, and with Dockside Apartments marking their 11th acquisition in the Seattle metro area, the company underscores its ongoing commitment to expand its footprint in high-growth regions.

The transaction was facilitated by a team from CBRE, which included Eli Hanacek, Mark Washington, Kyle Yamamoto, and Natalie Kasper, who represented the seller. Financing for the acquisition was provided by CBRE Capital Markets, led by Troy Tegeler and Trevor Breaux, ensuring a smooth transition into ownership for MG Properties.

About MG Properties

Established in 1992, MG Properties is a privately held, fully integrated real estate investment company that specializes in the redevelopment and management of multifamily assets. Headquartered in San Diego, California, the company aims to enrich communities through its investments. Currently, MG Properties manages a portfolio of over 32,000 rental homes across several states, including California, Washington, Arizona, Nevada, Colorado, Texas, and Oregon, collectively operating 112 communities. This latest acquisition further solidifies MG Properties’ strategy of investing in prime locations, particularly within the bustling regions of the West Coast.

For additional insights and updates about MG Properties and its extensive portfolio, you can visit their official website at www.mgproperties.com. As the company continues to grow and evolve, it remains committed to delivering value to its residents and stakeholders alike.

In conclusion, the acquisition of Dockside Apartments is not just a significant financial investment; it is a reflection of MG Properties' dedication to creating high-quality living environments that cater to the needs of modern renters. This strategic move is expected to foster further growth for the company while providing a much-desired living space for residents in the Kent area.