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5/25/23
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MG Properties closed on a multifamily buy in the state of Washington, paying $61.6 mil for Artesia Apartments, a 192-unit ($321k/unit) community in Everett. The property is located 11225 19th Ave SE, in the city’s Silver Lake neighborhood.
The community features spacious and modern one-, two-, and three-bedroom apartments situated directly on Silver Lake, providing residents with a variety of recreational activities and excellent access to the region’s largest employers. Everett is a thriving business hub that offers easy access to Seattle and the surrounding areas.
Unit amenities include microwave, stainless steel appliances, USB plug outlets, walk-in closets, storage on patios, vinyl plank flooring, dishwasher, fireplace, patio/balcony, washer/dryer and quartz countertops. Community amenities include playground, dog park, BBQ/picnic area, clubhouse, fitness center, indoor pool, sauna and hot tub.
The seller, RISE Properties Trust, was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of Institutional Property Advisors.
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