SEATTLE-MG Properties Group has acquired Park at Northgate, a 146-unit apartment building at 10735 Roosevelt Way NE in Seattle, for $22.3 million. The property was sold by Triad Villa Roma LLC.
MGPG, with the aid of George Elkins Mortgage Banking Co., obtained a loan of roughly $17.4 million from Pillar Multifamily LLC and Guggenheim Commercial Real Estate for the purchase. Park at Northgate, which sits on a 5.5-acre site, comprises 6 three-story buildings. MGPG plans to spend approximately $2 million for renovation. For the full story, go to Commercial Property Executive .
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