Thorncroft Farms Apartments acquired for $97.5 million
A private San Diego-based real estate investor and operator announced its acquisition of Thorncroft Farms Apartments in Hillsboro for $97.5 million on February 8.
Near the Streets of Tanasbourne, the apartments were originally constructed in 1998. The garden-style complex includes 340 units.
MG Properties Group said it plans to upgrade the interiors, a continuation of improvements already underway, and enhance common areas and amenities.
"Having entered the Portland market in 2016, we are excited to continue our growth in the Pacific Northwest," said Mark Gleiberman, CEO of MG Properties. "Thorncroft Farms is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region."
Berkshire Group was represented by Ira Virden and Carrie Kahn of HFF. CBRE's Brian Eisendrath and Cameron Chalfant arranged the financing.
In the past year, MG Properties has purchased 11 properties with more than 4,000 units and totaling a combined purchase price of $863 million. The firm is targeting Washington, Oregon, Arizona, California, Colorado and Nevada.
The privately owned West Coast real estate owner and operator specializes in multi-family housing. Its current portfolio includes 17,300 units and it employs 500 people.