By Jack Stubbs
MG Properties Group has recently added another apartment complex to its Puget Sound portfolio. On Thursday November 7th, the company bought the Beaumont Apartments in Woodinville for $99 million, or roughly $283,667 per unit, according to public records filed with King County.
MG Properties specializes in the acquisition, development, rehabilitation and management of apartment communities throughout the western U.S. The seller, Guardian Life Insurance Company of America, is one of the nation’s predominant insurance providers. The deal was recorded on November 7th.
The four-story property has 349 units and was built in 2010, according to the property listing on apartments.com. The apartment complex offers a mix of studio, one-bedroom and two-bedroom units. The studio units range from 544 to 602 square feet; the one-bedroom units range from 696 to 1,052 square feet; and the largest units range from 1,002 to 1,287 square feet. Some of the prominent apartment amenities include granite countertops, hardwood floors, walk-in closets, dishwasher, fireplace and a private patio and balcony. Additionally, some of the community amenities at the property include a business center, clubhouse, conference room and on-site property management.
Located at 14001 NE 183rd St. in Woodinville, the property is roughly eight miles to the north of Redmond. Additionally, the property is located just two miles from access to Washington State Route 522 and three miles from the connecting intersection with Interstate 405. The Beaumont Apartments is also in close proximity to major employers of Bellevue, Redmond, Kirkland, Everett and Bothell, according to the property listing on apartments.com.
Founded in 1992, MG Properties Group focuses on apartment investments nationwide, with assets in Southern California, Phoenix, Tucson, the San Francisco Bay Area, Las Vegas, Reno, Portland and Seattle. The company’s primary strategy is to reposition underperforming or value-add residential communities by renovating and managing apartment communities to their highest potential, according to the company’s web site.
Since its inception, MG Properties Group has acquired and managed more than 140 properties totaling over 20,000 units. Currently, the company manages over 14,000 apartment homes in over 55 communities in cities such as California, Arizona, Nevada, Washington and Oregon, accord to its web site. Some of the company’s other residential assets in the Puget Sound Region include the Reunion at Redmond Ridge Apartments, a 321-unit complex in Redmond, and Mosaic Hills, a 367-unit property in Kent.
MG Properties recently sold several of its Puget Sound assets. On Friday November 3rd, the company sold three residential apartment complexes to New York-based investment firm Blackstone for a combined price of $79.5 million: the 214-unit Boulevard at South Station Apartments in Tukwila sold for $33.4 million; the 151-unit Discovery Landing Apartments in Burien sold for $29.8 million; and the Arbor Chase Apartment homes, a 102-unit property in Kent, sold for $16.3 million, according to public records.
The Guardian Life Insurance Company of America was founded in 1860 and is one of the nation’s preeminent insurance providers, providing clients with individual, family, business-related and retirement insurance. Additionally, Guardian Life Insurance invests in public and private equity, fixed income and commercial real estate assets. The company ended 2016 with $7.4 billion in capital and $66.5 billion in assets under management, according to the company’s web site.