MG Properties Acquires Artesia Apartments in Everett, WA for $61.6 Million

San Diego, CA, May 24, 2023 - MG Properties, a privately held real estate investment company, has announced the acquisition of Artesia Apartments, a premier apartment community located in Everett, Washington, for a purchase price of $61.6 million.

Artesia Apartments is a 192-unit apartment community located in the highly desirable city of Everett, which is a thriving business hub and offers easy access to Seattle and the surrounding areas. The community features spacious and modern one-, two-, and three-bedroom apartments situated directly on Silver Lake, providing residents with a variety of recreational activities and excellent access to a number of the region's largest employers.

"We are thrilled to add Artesia Apartments to our growing portfolio of premier apartment communities," said Jeff Gleiberman, President of MG Properties. "This acquisition aligns with our investment strategy of acquiring high-quality properties in strong markets with solid growth potential."

The sellers, RISE Properties Trust, were represented by Philip Assouad, Giovanni Napoli, and Ryan Harmon from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.

To learn more visit: https://www.rentartesia.com