Russellville Commons is the Latest Addition to MG Properties’ Portfolio
This latest acquisition brings MG Properties' investment total to $400 million over the past 12 months.
By Alex Girda, Associate Editor
Portland, Ore.–Russellville Commons Apartments in Portland was recently acquired by a San Diego-based investor and operator. MG Properties Group expanded its multifamily portfolio by 283 units after paying $57.85 million for the community. Acquisition financing, in the form of a 10-year fixed-rate mortgage, was provided by PNC Real Estate’s Joe Briganti.
The seller was The Reliant Group, represented by HFO Investment Real Estate. Reliant acquired the property in 2011 when the company paid Rembold Properties roughly $31.6 million for Russellville Commons.
Located on a 7.8-acre lot at 10320 SE. Pine St. in the city’s Gateway District, the asset was originally developed as a luxury community in 1999. The property offers units with an average size of around 878 square feet, and claims average rents of roughly $1,470, according to real estate data provider Yardi Matrix. Resident amenities at the community include a business center, fitness center, clubhouse, pool, spa, 710 grade-level parking spaces and controlled access.
The purchase is the new owner’s seventh deal completed during the past 12 months. Following the seven acquisitions, MG Properties Group’s portfolio grew by 2,600 units. According to a recently issued press statement, the company is targeting opportunities for further growth across the West Coast and Southwest.
Image courtesy of Yardi Matrix