MG Properties Buys Artesia Apartments in Everett, Washington for $61.6M

by Jeff Shaw

EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million. 

Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles.

Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing. 

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