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8/11/22
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MIG Real Estate LLC has purchased the 104-unit Cedar Rim Apartments in Newcastle, WA for $52.9 mil, or $509k/unit. MIG is planning to enhance the exterior and common areas of the property.
Cedar Rim is located at 7920 110th Ave S.E. at Exit 7 off I-405 near the Seattle Seahawks’ VMAC training center on Lake Washington. The community was built in 1981 and consists of 13 four-story buildings on 4.37 acres. It offers residents two-bedroom floor plans that include keyless door locks, smart thermostats, stainless steel appliances, in-unit washers and dryers, and large windows with views of Lake Washington.
The property was renovated between 2006 and 2008 with new roofs and improvements to the common area and amenity spaces. Most of the unit interiors were renovated during the same timeframe. MIG plans to paint the exterior, improve the common areas, finish renovations on the classic units and enhance recently renovated units to the same high-quality scope.
Philip Assouad, Giovanni Napoli, Ryan Harmon, and Nicholas Ruggiero with Institutional Property Advisors brokered both sides of the transaction. Bill Chiles, Scott Peterson, Brian Cruz, and Colby Matzke of CBRE Capital Markets’ debt and structured finance group arranged the financing for MIG.
MIG’s expanding multifamily portfolio currently includes 31 properties in Arizona, California, Texas, Washington, and Utah. In addition to Cedar Rim, Washington properties include BluWater in Everett, Solara in Seattle, Bradley Park in Puyallup, and Berkshire and The Becket in Renton.
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