MG Properties Makes Further Foray Into Greater Portland Multifamily
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.
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.