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San Diego-based MG Properties Group acquired the 340-unit Thorncroft Farms Apartments in Hillsboro for $97.5M. The seller was Berkshire Group.
The property, completed in 1998, includes one-, two- and three-bedroom units. Common amenities include a pool, a fitness center, a barbecue area and a courtyard.
The buyer entered the Portland market in 2016 with the acquisition of the 283-unit Russellville Commons Apartments in Portland. According to MG Properties CEO Mark Gleiberman, the company aims to continue its 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,” Gleiberman said.
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The property is within 3 miles of the Intel HQ campus, Oregon’s largest employer, and within 4 miles of Nike HQ. Other nearby high-tech companies are Airbnb, Nvidia and Salesforce.
The seller was represented by Ira Virden and Carrie Kahn of HFF. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
MG Properties has been an aggressive buyer of multifamily communities lately, snapping up 11 properties in the past 12 months. These deals involved a total of over 4,000 units and about an $863M combined purchase price.
The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.
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