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January 24, 2021
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MG Properties Group Spends $191 Mil on WA Res Project


MG Properties Group has closed on a major, year-end multifamily buy in Washington, paying $191 mil for LIV Bel-Red Apartment Homes, a 451-unit ($423.5k/unit) res project in Bellevue. The asset was sold by Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson.

Completed in 2015, LIV Bel-Red, which was renamed Vue 22 Apartments, is located at 2170 Bel-Red Rd in the Bel-Red submarket, ideally positioned between downtown Bellevue and downtown Redmond. Vue 22 is in a premier Eastside Seattle location, an area which is defined by strong employment growth by establish and expanding global technology companies. Residents benefit from a robust set of common area amenities and can easily access a variety of walkable dining and entertainment options surrounding the property.

David Young, Corey Marx, Chris Ross, and Jordan Louie with JLL Capital Markets represented the seller in the transaction. JLL’s Charles Halladay, Rick Salinas, and Jake Wisness originated the financing.

MG Properties Group has purchased seven communities in the past 12 months. These acquisitions totaled over 2,000 units and $715 mil in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.

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