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September 22, 2021
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MG Properties Group Makes $85 Mil Multifamily Buy in Tacoma, WA

9/01/21

MG Properties Group has purchased Point Ruston Waterfront, a 200-unit apartment project in Tacoma, WA, for $85.5 mil ($427.5k/unit). The master-planned community offers a lively mix of retailers, restaurants, and entertainment venues that provides a walkable urban village.

Photo: Bill Purcell
Photo: Bill Purcell
The coveted local Waterwalk is a scenic waterfront promenade that connects residents at Point Ruston Waterfront to the world-class amenities Tacoma is known for – and beyond. As part of this mixed-use development, Village on Main offers residents luxury apartment living and easy access to the perks of the region’s $54B+ public infrastructure project and employer base.

The property seller – Point Ruston Building 7 LLC – a company owned by developer Loren McBride Cohen, was represented by Chris Ross, David Young, Corey Marx, Jordan Louie, and Michael Lyford of JLL. Financing was arranged by Charles Halladay, Rick Salinas, and Jake Wisness with JLL Capital Markets.

Village on Main Apartments is the seventh property currently managed by MG Properties in the larger SeaTac metro. This marks the 17th acquisition in the last year for the company overall – totaling over $1.5 bil in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 




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