MG Properties acquires Village on Main Apartments in Tacoma for $85.5m
California-based real estate investor and operator MG Properties Group said that it has acquired Village on Main Apartments located on Point Ruston Waterfront in Tacoma, Washington for $85.5 million from Point Ruston Building 7 LLC.
Village on Main Apartments is a 200-unit multifamily luxury apartment building, which provides a mix of retailers, restaurants, and entertainment venues that offers a walkable urban village.
Mark Gleiberman — Founder and CEO of MG Properties Group said: “We’re thrilled to be expanding our reach in the Pacific Northwest with Village on Main.
“Tacoma has tremendous potential, and we believe Village on Main provides an opportunity to participate in its continued growth.”
Village on Main Apartments represents the seventh property that is managed currently by MG Properties in the larger SeaTac metro. It also marks the 17th acquisition in the last 12 months for the real estate investor and operator, for which it has invested a total of $1.5 billion.