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Two South-End Apartment Buildings Change Hands

SEATTLE-Atherton-Newport LLC of Irvine, CA, makes its second apartment acquisition in the region and MG (Mark Gleiberman) Properties of San Diego makes its third.

By Brian K. Miller | Updated on November 13, 2005

(To read more on the multifamily market, click here.)

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.

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