Investor Buys Seattle-Area Apartment Complex for $96M

MG Properties has purchased the Dockside Apartments, a 344-unit property in Kent, for $95.6 million.

The San Diego-based company acquired the Seattle area multifamily in the Lakes at Kent master-planned community along the Green River, reported the Puget Sound Business Journal. The seller, Rise Properties Trust, bought the nearly 17-acre property six years ago for $83.1 million. Dockside’s assessed value is over $91.5 million.

The seller was represented by Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE. Transaction financing was led by CBRE Capital Markets’ Troy Tegeler and Trevor Breaux.

The Kent property is MG’s 11th in the region. The company manages over 32,000 apartment homes in over 115 communities in high-growth areas in California, Arizona, Nevada, Washington, Oregon, Colorado and Texas.

It was the second major South King County garden-style asset to trade recently, following a $47.4 million deal in which TruAmerica Multifamily acquired Plum Tree Park, a 96-unit Renton multifamily property.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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