Metro Portland Community Fetches $76M

MG Properties Group of San Diego bought the 390-unit Green Leaf Monterey Apartments in Happy Valley, Ore.
Green Leaf Monterey Apartments, Happy Valley, Ore.

Green Leaf Monterey Apartments, Happy Valley, Ore.

Happy Valley, Ore.—MG Properties Group of San Diego has acquired the 390-unit Green Leaf Monterey Apartments in Happy Valley, Ore., for $76 million. Green Leaf Partners of California was the seller, with the deal representing a price per unit of $194,871, or more than $147 per square foot.

Common amenities at the gated community include a fitness center, clubhouse, year-round partially covered pool and covered parking. The property is on an 11.8-acre site that includes a central greenway of ponds and waterways spanned by arched pedestrian bridges.

Green Leaf Monterey Apartments is also within walking distance of the 1.5 million-square-foot Clackamas Town Center and its light-rail station. The mall is one of the larger regional shopping centers in greater Portland.

Happy Valley itself has been a growth hub in recent years. In 2000, according to the U.S. Census Bureau, the town had a population of about 4,500. As of 2015, the bureau estimates that about 18,500 people live there.

The sale was facilitated by HFO Investment Real Estate partners Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton. “This property has been continually upgraded over the past few years,” said Hagerman in a statement. “Green Leaf Monterey offers an investor a critical mass of units that can benefit from a program of continual improvements and enhancements.”

MG Properties Group has been on a multifamily acquisition tear lately. Besides Green Leaf, the company also recently bought Riverwalk at Happy Valley in the same town, as well as Mosaic Hills in Kent, Wash., and Reflections at the Marina in Sparks, Nev.