BELLEVUE, WASH. — San Diego-based MG Properties Group has purchased LIV Bel-Red Apartment Homes in Bellevue. Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson, sold the asset for $191 million. The buyer has rebranded the multifamily property as Vue 22 Apartments.
Completed in 2015 and situated in the Bel-Red submarket, Vue 22 features 451 residences. The property is located to the east of Seattle, between downtown Bellevue and downtown Redmond, Wash.
David Young, Corey Marx, Chris Ross and Jordan Louie of JLL Capital Markets represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer.
MG Properties Group has purchased seven communities in the past 12 months, totaling more than 2,000 units and $715 million in combined value.