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MG Properties Group Picks Up 179-Unit WA Res Asset

9/02/20

MG Properties Group has acquired Hearth Apartment Homes, a 179-unit multifamily community in Vancouver, WA. The asset, located at 16516 SE Mill Plain Blvd, was sold by Fore Property in a deal valued at $51 mil, or $285k/unit.

Completed in 2019, Hearth is located near Vancouverís Columbia Tech Center, one of the regions most dynamic submarkets. The property provides convenient access to the I-205 corridor, connecting residents to job centers throughout the Portland metropolitan area. Residents benefit from a robust set of common area amenities and can easily access a variety of dining and entertainment options surrounding the property.

Josh McDonald of CBRE repped Fore Property in the deal. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant, also with CBRE.






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