By Meghan Hall
San Diego, Calif.-based MG Properties Group has scooped up the Liv Bel-Red apartment complex—now known as Vue 22—in a transaction that continues to build momentum in the multifamily industry. MG Properties acquired for $191 million, or about $423,500per unit, according to industry sources. MG Properties acquired the complex from Kennedy Wilson Fund V.
Kennedy Wilson initially acquired the property in 2016 for $172 million, or about $381,400 per unit. Located at 2170 NE Bellevue-Redmond Road, the asset includes 451 apartment units. Residences range in size from about 442 square feet to just over 1,400 square feet. Units are a mix of studios, one- and two-bedrooms, with rents beginning at about $1,600 per month, according to MG Properties’ website.
Common amenities include outdoor patios and decks, bike storage, multi-level fitness center, pet washing station and yoga room. Residents also have access to a co-working lounge with free Wi-FI, community vegetable garden and resident social lounge with a demonstration kitchen and games.
“At Vue 22 Apartments, we blend contemporary amenities, delicate touches, and bold accents for a unique living experience in Bellevue, Wash.,” states the apartment website. “Vue 22 Apartments truly is a living experience that is a step above the rest.”
JLL’s David Young, Corey Marx, Chris Ross and Jordan Louie represented Kennedy Wilson, while MG Properties Group represented itself in the transaction.
“We have been very active purchasers in the Seattle region and believe Bellevue is well positioned to benefit from economic growth in the near term. Vue 22’s location and profile make it an excellent fit for our long-term cash-flow oriented private capital investor group,” MG Properties Group’s CEO Mark Gleiberman in a statement.
Over the past year, the firm has been growing its portfolio, purchasing seven communities with a combined value of $715 million. In all, the new additions to MG Properties’ portfolio included 2,000 units. Currently, the company is continuing to target opportunities in not just Washington state, but Oregon, Arizona, California, Colorado and Nevada.