San Diego-based MG Properties Group has purchased The Mosaic Hills Apartments in Kent, 10811 S.E. 239th St., for $51.6 million.
MG Properties plans to re-position the property through a multi-million-dollar renovation plan that will include upgrades to the property’s common areas and unit interiors, as well as a capital investment to cure deferred maintenance, according to a report by Western Real Estate Business on rebusinessonline.com. The apartments were built in 1980.
The company manages more than 12,000 apartment homes in 52 communities in high-growth cities in California, Arizona, Nevada, Washington and Oregon. The company’s apartment portfolio has a total market value of more than $1.5 billion.
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