Pallas Townhomes and Apartments is a 566-unit community acquired off market for $186 million.
BEAVERTON, OR AND LYNNWOOD, WA—San Diego-based MG Properties Group has acquired two multifamily communities, the Pallas Apartments in Beaverton, OR and the Tivalli Apartments in Lynnwood, WA, for a combined total of more than $305 million. With these acquisitions, MG Properties Group has acquired nearly $3 billion of apartment properties in the Western US since 2017.
"These acquisitions reflect our continued belief in the economic potential of the Pacific Northwest and allow MG Properties Group to further create economies of scale to enhance the performance of our existing regional portfolio," according to Mark Gleiberman, chief executive officer at MG Properties Group.
Pallas Townhomes and Apartments is a 566-unit community which was acquired in an off-market transaction for $186 million from a joint venture between Holland Partner Group and Invesco Real Estate.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
