Tuesday, March 29, 2016

MG Properties Group Acquires Russellville Commons Apartments in Portland, OR for $57.85 Million

Mark Gleiberman
San Diego, CA – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the $57,850,000 acquisition of the Russellville Commons Apartments in Portland, Oregon.

 Located in Portland’s Gateway District, an emerging transportation-oriented neighborhood providing convenient access by car and light rail to multiple job corridors throughout the Portland metropolitan area, the 283-unit property was purchased from The Reliant Group, a San Francisco-based holding company.

According to Mark Gleiberman, MG Properties Group Chief Executive Officer, “This acquisition represents an expansion of our portfolio in the Pacific Northwest region, and is a continuation of our strategy to acquire high-quality assets with the potential for value-add improvements and strong current income generation.”

The Reliant Group was represented by Cody Hagerman and Tyler Johnson at HFO Investment Real Estate.  The acquisition was financed with a 10-year fixed-rate mortgage provided by PNC Bank, N.A., member of The PNC Financial Services Group, Inc.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk or Katie Kea
 (949) 955-7940

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