MG Properties Group has acquired Redmond, Washington-based Redmond Ridge, a 321-unit senior community property. The acquisition was financed with a $53,250,000 loan arranged by Robert Prouty and Brooks Benjamin at KeyBank.
SAN DIEGO, Oct. 3, 2017 /PRNewswire/ — MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Reunion at Redmond Ridge in Redmond, WA.
Reunion at Redmond Ridge is a 321-unit class “A” active living 55+ senior community built in 2008. Located in one of the most desirable master planned communities in the Seattle region, the property offers convenient access to shopping, employment, nature, biking trails and an 18-hole championship golf course. Reunion is a short 11-minute drive from downtown Redmond, providing residents with convenient access to strong employers, a variety of retail and entertainment options, and outdoor activities. Nearby employers include Microsoft, AT&T, Nintendo, Expedia, and a growing cluster of medical facilities. The units at Reunion are spacious with 9′ ceilings and a mix of flat-, carriage-, and townhome-style floorplans. A full community amenity package includes two community rooms, outdoor grilling areas, two state-of-the-art fitness centers, a cyber café, library, and a mini-garden. MG Properties Group plans to perform modest interior renovations and to update the property’s common areas.
The sellers were represented by Jon Hallgrimson, Eli Hanacek and Frank Bosl at CBRE. The acquisition was financed with a $53,250,000 10-year fixed-rate Fannie Mae loan arranged by Robert Prouty and Brooks Benjamin at KeyBank.
According to Mark Gleiberman, MGPG’s Chief Executive Officer, “The location and demographics of this property make it an excellent long-term strategic purchase for our private investment capital. This is a high quality property with a unique value proposition for residents.”
Reunion at Redmond Ridge marks MG Properties Group’s 11th acquisition in the past 12 months. The eleven acquisitions totaled 3,271 units and approximately $656,000,000 in combined purchase price. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 25 years MG Properties Group has acquired 105 communities with its private investors and institutional joint venture partners totaling over 22,500 units, representing more than $3.1 billion in total asset value, including 13,000 units at a value of $2.0 billion since 2010. The company’s current portfolio includes 15,000 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs 450 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.