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MG Properties Acquires Dockside Apartments In Kent WA For $95.6 Million With CBRE As Brokers

Property Image
SOLD
$95,600,000
Mark Washington
Kyle Yamamoto
Eli Hanacek
+ 3

Washington

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MultiFamily
Sold 10/30/2025
the dealplayerscompscontact
Property Image
SOLD

MG Properties Acquires Dockside Apartments In Kent WA For $95.6 Million With CBRE As Brokers

23605 62nd Avenue South

See Similar Deals
MultiFamily
Sold 10/30/2025
Mark Washington
Kyle Yamamoto
Eli Hanacek
+ 3
the dealplayerscompscontact
Contact now

Summary

WASHINGTON
Asset Type:MultiFamily
Transaction Type:Sale

A multi-family asset, Dockside Apartments, located at 23605 62nd Avenue South in Kent, WA, has been sold for $95.6 million. This community consists of 344 units, which breaks down to a price per unit of $277,907.

Summary of transaction details:

MG Properties is expanding its portfolio with this acquisition, being their 11th property in the Seattle area. The transaction was facilitated and financed by CBRE, showcasing their involvement in this significant deal.

Players

Eli Hanacek
CBRE
Eli Hanacek
20 deals$1.7B volume
BROKER
Mark Washington
CBRE
Mark Washington
18 deals$1.6B volume
BROKER
Kyle Yamamoto
CBRE
Kyle Yamamoto
20 deals$1.7B volume
BROKER
Trevor Breaux
CBRE
Trevor Breaux
9 deals$547.1M volume(949) 293-7320
BROKER
Troy Tegeler
CBRE
Troy Tegeler
7 deals$440.2M volume(714) 307-2234
BROKER
Natalie Kasper
CBRE
Natalie Kasper
7 deals$572.9M volume
BROKER
CBRE
CBRE
BROKERAGE
MG Properties
MG Properties
BUYER

Details

SOLD
IMAGE: 10/30/2025 ADDRESS: 23605 62nd Avenue South MARKET: Kent, WA ASSET TYPE: MultiFamily BUYER: MG Properties BROKERS: Eli Hanacek, Mark Washington, Kyle Yamamoto & Natalie Kasper - CBRE MORTGAGE BROKERS: Troy Tegeler & Trevor Breaux - CBRE SALE PRICE: $95,600,000 UNITS: 344 ~ PPU: $277,907 NOTE: MG Properties has acquired Dockside Apartments, a 344-unit community in Kent, WA, for $95.6 million ($277.9K/unit). CBRE brokered and financed the deal, marking MG Properties’ 11th Seattle-area acquisition as it continues expanding in high-growth West Coast markets.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,098,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$339,646.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$453,192.77
Annual Debt Service$5,438,313.27