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February 21, 2024
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MG Properties Group Spends $305 Mil on Res Communities in OR and WA


MG Properties Group has purchased two multifamily communities in deals totaling $305 mil. The acquisitions consist of the 566-unit Pallas Apartments in Beaverton, OR and the 383-unit Tivalli Apartments in Lynnwood, WA. With these acquisitions, MG Properties Group has acquired nearly $3 bil of apartment properties in the Western U.S. since 2017.

In the larger deal, MG Properties Group acquired Pallas Townhomes & Apartments in an off-market transaction for $186 mil 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 in Beaverton.

The property offers convenient 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 was represented by a broker. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

Tivalli Apartments, Lynnwood, WA
Tivalli Apartments, Lynnwood, WA
MG Properties Group also purchased Tivalli Apartments, a 383-unit community located at 15631 Ash Way in Lynnwood, north of downtown Seattle, for $119.2 mil. Built in 2014, Tivalli offers a transit-oriented location with immediate access to freeways, public transportation and a short commute to major employers throughout the Seattle MSA.

The property features exceptional amenities including 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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