MIG Real Estate Acquires Cedar Rim Apartments in Newcastle, Washington for $52.9M

by Amy Works

NEWCASTLE, WASH. — Newport Beach, Calif.-based MIG Real Estate has purchased Cedar Rim Apartments, a multifamily property in the Seattle suburb of Newcastle, for $52.9 million. The name of the seller was not released.

Located at 7920 110th Ave. SE, Cedar Rim features 104 two-bedroom apartments with keyless door locks, smart thermostats, stainless steel appliances, in-unit washers/dryers and large windows with views of Lake Washington. Built in 1981, the community 13 four-story buildings on 4.4 acres.

The property was renovated between 2006 and 2008 with new roofs and improvements to the common areas and amenity spaces. Additionally, most of the unit interiors were renovated during the same timeframe. MIG plans to paint the exterior, improve the common areas, finish renovations on the classic units and enhance renovated units to the same high-quality scope.

Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, brokered both sides of the transaction. Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.

You may also like