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1/17/22
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MIG Real Estate LLC has acquired BluWater, a 152-apartment community in Everett, WA. The deal had a value of over $54 mil ($355.3k/unit).
Located at 11311 19th Ave SE in the north Seattle area, BluWater consists of seven three-story buildings constructed in 1991. The community contains 152 one-, two-, and three-bedroom apartments with eight-foot ceilings that average 923 sf.
Amenities at BluWater include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds, and the nearby Silver Lake. MIG’s plans for BluWater include renovation of apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities.
Giovanni Napoli and Phillip Assouad of Institutional Property Advisors were involved in the acquisition. With MIG’s acquisition of BluWater, the company now owns a total of 1,079 units in the Seattle area.
MIG has also sold Elan City Centre and The Reserve at Stonebridge Ranch, two multifamily properties in the Dallas metro area. Elan City Centre, a 330-unit community of one- and two-bedroom apartments in the northern Dallas suburb of Farmers Branch, is a three-story, mid-rise building built in 2013. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of IPA represented MIG in the transaction.
The Reserve at Stonebridge Ranch, a 301-unit luxury townhome community of one-, two-, three-, and four-bedroom apartments in McKinney consists of 44 two-story, garden-style apartment buildings with direct access garages for all units. MIG acquired Stonebridge Ranch in 2015. Brian Murphy and Brian O’Boyle of Newmark represented MIG in the transaction.
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