Village on Main is One of Few Multifamily Opportunities on Waterfront

San Diego-based Properties Group recently acquired Village on Main Apartments for $85.5 million. The 200-unit community is one of the few multifamily additions to the Point Ruston Waterfront in Tacoma.

This master-planned community offers a mix of retailers, restaurants and entertainment venues that provide a walkable urban village. The Waterwalk is a scenic waterfront promenade that connects residents to the world-class amenities for which Tacoma is known, along with access to the perks of the region’s $54 billion public infrastructure project and employer base.

“Tacoma has tremendous potential and we believe Village on Main provides an opportunity to participate in its continued growth,” said Mark Gleiberman, founder and CEO of MG Properties Group.

The seller – Point Ruston Building 7 LLC – a company owned by developer Loren McBride Cohen, was represented by Chris Ross, David Young, Corey Marx, Jordan Louie and Michael Lyford of JLL. Financing was led by JLL’s Charles Halladay, Rick Salinas and Jake Wisness.

Village on Main Apartments is the seventh property managed by MG Properties in the SeaTac metro. This marks the 17th acquisition in the last year for the company overall – totaling more than $1.5 billion in combined value. MG Properties is continuing to target acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado and Texas.