Pallas Townhomes and Apartments is a 566-unit community acquired off market for $186 million.
BEAVERTON, OR AND LYNNWOOD, WA—San Diego-based MG Properties Group has acquired two multifamily communities, the Pallas Apartments in Beaverton, OR and the Tivalli Apartments in Lynnwood, WA, for a combined total of more than $305 million. With these acquisitions, MG Properties Group has acquired nearly $3 billion of apartment properties in the Western US since 2017.
"These acquisitions reflect our continued belief in the economic potential of the Pacific Northwest and allow MG Properties Group to further create economies of scale to enhance the performance of our existing regional portfolio," according to Mark Gleiberman, chief executive officer at MG Properties Group.
Pallas Townhomes and Apartments is a 566-unit community which was acquired in an off-market transaction for $186 million from a joint venture between Holland Partner Group and Invesco Real Estate.
Built in 1997, Pallas is located at 15021 SW Millikan Way on the Millikan Way MAX Light Rail stop. The property offers access to the employment hubs of Hillsboro to the west and downtown Portland to the east, and is within walking distance to both Nike's world headquarters and the Providence Medical Group facility. MG Properties Group plans to invest additional capital in the property to renovate unit interiors.
Neither the buyer nor the seller were represented by a broker. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
Tivalli Apartments is a 383-unit community located at 15631 Ash Way north of downtown Seattle which was purchased for $119.2 million. Built in 2014, Tivalli offers a transit-oriented location with access to freeways, public transportation and a short commute to major employers throughout the Seattle MSA.
The property amenities include a two-story clubhouse with multiple fireplaces, seating areas, a gourmet kitchen, indoor sports court, and an upstairs game room and sky deck. MG Properties Group plans to invest capital to further improve common area amenities for current and prospective residents.
David Young and Corey Marx of JLL represented the seller in the transaction. Financing was provided by Freddie Mac, and arranged by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
