MG Properties Group Acquires 340-unit Thorncroft Farms Apartments in Hillsboro, OR for USD 97.5M
(3 months ago)
SAN DIEGO, Feb. 13: MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Thorncroft Farms Apartments in Hillsboro, OR.
Thorncroft is a 340-unit, garden-style, apartment community built in 1998. The property 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 Highway 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, who 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 $863,000,000 in combined purchase price. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
MG Properties Group (www.mgproperties.com) is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 25 years, MG Properties Group has acquired 110 communities with its private investors and institutional joint venture partners totaling approximately 25,000 units, representing more than $4.0 billion in total asset value, including 15,700 units at a value of $2.8 billion since 2010. The company's current portfolio includes 17,300 units in California, Washington, Oregon, Arizona and Nevada. MG Properties Group employs over 500 professionals with in-house expertise in acquisitions and underwriting as well as asset, property, construction and investment management.