MG Properties Adds Woodcreek Apartments in Lynnwood, WA to Their PNW Portfolio for $53 Million

MG Properties, a privately owned real estate investment and property management company, has acquired Woodcreek Apartments, a 164-unit community in Lynnwood, Washington. The acquisition expands MG Properties' presence in the Pacific Northwest and adds another high quality residential community to its growing Seattle portfolio.

Located in the desirable Lynnwood submarket, Woodcreek Apartments offers residents convenient access to employment centers, retail, dining, recreation, and major transportation corridors throughout the greater Seattle area. The community's location also benefits from Lynnwood's continued growth and its connection to the region's broader transit network.

"We are excited to welcome Woodcreek Apartments to the MG Properties portfolio," said Jeff Gleiberman, President of MG Properties. "Lynnwood is an attractive and growing market, and Woodcreek provides an excellent opportunity to build on the community's strengths while delivering a high-quality living experience for residents."

The seller was represented by Eli Hanacek, Kyle Yamamoto and Natalie Kasper from CBRE. Financing for the transaction was led by CBRE Capital Markets' Troy Tegeler and Trevor Breaux.

As part of its ownership of the property, MG Properties will focus on maintaining and enhancing the community while providing responsive service and a positive resident experience. The company's vertically integrated approach to property management and operations will support the long-term performance and continued improvement of Woodcreek Apartments.

The acquisition reflects MG Properties' strategy of investing in well-located multifamily properties in markets with strong fundamentals and long-term growth potential.