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| 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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