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SEATTLE-Two Southern California-based multifamily investors added to their small but growing Puget Sound area portfolios in recent weeks. Atherton-Newport LLC of Irvine, CA, made its second area apartment acquisition and MG (Mark Gleiberman) Properties of San Diego made its third.

Atherton-Newport acquired Village at the Lake, a 156-unit, three-story community built in 1969 at 30602 Pacific Hwy South in the city of Federal Way. The city sits West of Interstate 5 about 20 miles south of Seattle and 10 miles north of Tacoma. The apartment complex, which is about 90% leased, is Atherton’s second acquisition in Federal Way this year, an Atherton source tells GlobeSt.com. In June, the company acquired View at Redondo, a 78-unit 94% leased apartment community located at 29421 Pacific Highway that was completed in 1986.

The acquisition price for each was not immediately available, but the combined acquisition price was $12.75 million, or about $54,500 per unit. Atherton-Newport will rehabilitate and reposition each property with a series of exterior and interior improvements. Some of the improvements will include exterior painting, landscaping, lighting upgrades, replacement of kitchen countertops and sinks, roof repairs and the replacement of flooring and appliances.

Ten miles to the northwest in the city of Kent, WA, MG Properties recently paid $6.3 million for Arbor Chase, a 100-unit apartment complex at 1615 W. Smith St. An existing loan with CW Capital/Fannie Mae was assumed by Gleiberman at closing. Dave Meissner of Paragon Real Estate Advisors in Seattle had the disposition assignment.

Arbor Chase consists of eleven one and two-story wood frame garden-style buildings situated on 5.39 acres. MG says it plans to spend an additional $600,000 to improve the property and “cure significant deferred maintenance.” Occupancy was not immediately available.

The acquisition represents MG’s third investment in the recovering Puget Sound apartment market. It acquired the 132-unit Gateway Pointe in Renton in October 2004 and the 252-unit Park South Apartments in Seattle, WA in November 2004.

MG Properties is a subsidiary of the Gleiberman Family Limited Partnership. During the past two years, Mark Gleiberman and his related entities have acquired over 3,000 apartment units for a total cost of just over $240 million in Southern California, the Bay Area, Phoenix and Seattle. With the Arbor Chase acquisition, MG’s total portfolio now consists of 6,486 apartments, of which 5,876 are owned directly by limited partnerships controlled by MG.

Atherton-Newport was formed in 2001. Affiliates thereof have invested in excess of $244 million in the past 12 months. The company invests in apartment assets with value-added potential and property to be entitled for residential development.

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