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SEATTLE-Two Southern California-based multifamily investors added to their small but growing Puget Sound area portfolios in recent weeks. Atherton-Newport LLC of Irvine, CA, made its second area apartment acquisition and MG (Mark Gleiberman) Properties of San Diego made its third.

Atherton-Newport acquired Village at the Lake, a 156-unit, three-story community built in 1969 at 30602 Pacific Hwy South in the city of Federal Way. The city sits West of Interstate 5 about 20 miles south of Seattle and 10 miles north of Tacoma. The apartment complex, which is about 90% leased, is Atherton's second acquisition in Federal Way this year, an Atherton source tells GlobeSt.com. In June, the company acquired View at Redondo, a 78-unit 94% leased apartment community located at 29421 Pacific Highway that was completed in 1986.

The acquisition price for each was not immediately available, but the combined acquisition price was $12.75 million, or about $54,500 per unit. Atherton-Newport will rehabilitate and reposition each property with a series of exterior and interior improvements. Some of the improvements will include exterior painting, landscaping, lighting upgrades, replacement of kitchen countertops and sinks, roof repairs and the replacement of flooring and appliances.