Home Finance MG Properties Buys 200-Unit Tacoma Property for $85.5MM

MG Properties Buys 200-Unit Tacoma Property for $85.5MM

Village on Main Apartments Point Ruston Tacoma MG Properties JLL Loren McBride Cohen

JLL Capital Markets brokered the sale of Village on Main Apartments in Tacoma, Washington

SEATTLE, August 26, 2021 – JLL Capital Markets announced today that it has closed the $85.5 million ($427,500 per unit) sale of Village on Main Apartments, comprised of 200 luxury multi-housing units in the Point Ruston master-planned community in Tacoma, Washington. The property includes approximately 18,500 square feet of ground floor retail which will be retained by the seller.

JLL marketed the property on behalf of the owner, Point Ruston Building 7 LLC, a company owned by developer Loren McBride Cohen. MG Properties Group acquired the property.

Village on Main Apartments features studio, one-, two- and three-bedroom units ranging from 568 to 1,219 square feet. Unit amenities include nine-foot ceilings, stainless steel appliance packages, in-unit air conditioning with remote temperature control, private balconies in most units, full-size washer and dryer, expansive bay windows with two-inch wood blinds and granite countertops. Community amenities feature a structured parking garage, on-site retail, package receiving and key fob entry.

The community is located at 5020 Main St. in the heart of Point Ruston – the Pacific Northwest’s premier waterfront resort-inspired community featuring panoramic views of South Puget Sound, the Olympic Mountains, and Mount Rainier. Residents of Point Ruston enjoy the benefits of a modern urban oasis with outstanding walkability to a broad array of boutique retailers, entertainment destinations, live music, miles of waterfront trails and hundreds of acres of parks.

The JLL Capital Markets Investment Sales team that represented the developer was led by Senior Managing Directors David Young and Corey Marx, Senior Director Chris Ross, Director Jordan Louie and Associate Michael Lyford.

“Yet again Chris Ross and his investment sales team coordinated an excellent outcome for us in the Tacoma market,” Said Developer Loren McBride Cohen. “In partnership with Tom Wilson, who originally sourced our construction financing, the team at JLL has helped move the Point Ruston project forward in very meaningful ways.”

“The sale of Village on Main Apartments is further evidence that buyer appetite is returning to the Seattle/Tacoma MSA in a big way as we begin to emerge from COVID – especially for well-located assets in high-growth submarkets with the appeal of a truly unique master-planned community like Point Ruston.”, added Chris Ross.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About the Seller, Point Ruston Building 7 LLC

The Seller is a wholly owned entity of developer Loren McBride Cohen. This project, built within Cohen’s Point Ruston neighborhood, is part of the overall $1.4 Billion resort-inspired waterfront project situated along one-mile of Puget Sound shoreline. Showcasing panoramic views of Commencement Bay and the Puget Sound, the Olympic Mountains and Mount Rainier, Point Ruston features the best in Pacific Northwest living, dining, shopping, recreation & entertainment. For more information visit: www.PointRuston.com.

MG Properties Group

MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of 23,000 rental homes in California, Washington, Arizona, Nevada, and Oregon, including 78 communities. For additional information, visit www.mgproperties.com.