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June 23, 2018
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PACIFIC NORTHWEST NEWS
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MG Properties Group Completes $97 Mil Portland Multifamily Buy

2/12/18

San Diego-based MG Properties Group acquired Thorncroft Farms Apartments, a 340-unit residential property in Hillsboro, OR, in a recent $97.5 mil ($287k/unit) transaction.

Thorncroft is a garden-style, apartment community that was built in 1998. It is located in one of Portland’s most sought-after communities and is situated across the street from Whole Foods, Kaiser Permanente Westside Medical Center, and the Streets of Tanasbourne; a premier lifestyle retail center that provides both employment and entertainment options for property residents.

The immediate location offers residents access to major employment centers and is situated in close proximity to Hwy 26, providing residents with quick access to downtown Portland. The property is also located within three miles of the Intel headquarters campus, Oregon’s largest employer, and within four miles of Nike’s headquarters. Other nearby high-tech companies include Airbnb, Nvidia, Salesforce, and more. MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities.

The property was sold by Berkshire Group, which was represented by Ira Virden and Carrie Kahn of HFF. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

According to Mark Gleiberman, MGPG’s Chief Executive Officer, “Having entered the Portland market in 2016, we are excited to continue our growth in the Pacific Northwest. Thorncroft Farms is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”

MG Properties Group has purchased 11 properties in the past 12 months. These acquisitions totaled over 4,000 units and approximately $863 mil in combined purchase price. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.





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