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3/29/16
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MG Properties Group has acquired Russellville Commons Apartments, a 283-unit complex in Portland, OR, for $57.85 mil, or $204.4k/unit. The property was purchased from The Reliant Group, a San Francisco-based holding company.
Built as a luxury apartment community in 1999, units at Russellville Commons Apartments average 875 sf and include a mix of floor plans in both townhome and flat configurations. The property features high-end common area amenities, including a resort-style pool and spa, modern fitness center with a yoga room, and a resident lounge and business center.
The property is located at 10320 SE Pine St, east of I-205 and south of I-84. It is within the city’s Gateway District, an emerging transportation-oriented neighborhood providing convenient access by car and light rail to multiple job corridors throughout the Portland metropolitan area.
The Reliant Group was represented by Cody Hagerman and Tyler Johnson at HFO Investment Real Estate. The acquisition was financed with a 10-year fixed-rate mortgage provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc.
Russellville Commons marks MG Properties Group’s seventh acquisition in the past year. The seven acquisitions totaled approximately 2,600 units and over $400 mil in combined purchase price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.
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