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MGPG Acquires 340-Unit Thorncroft Farms from Berkshire Group for $97.5M

San Diego Multifamily Investor Bolsters $4B Portfolio with Hillsboro Purchase
February 9, 2018
MG Properties Group (MGPG), a San Diego-based multifamily owner and operator, expanded its $4 billion-valued multifamily portfolio with the acquisition of the Thorncroft Farms apartments at 2120 NW Thorncroft Dr. in Hillsboro, OR. The Berkshire Group sold the 340-unit multifamily community for $97.5 million, or approximately $288,000 per unit.

MGPG also secured $56.28 million in financing from CBRE Multifamily Capital, Inc.

The buyer originally entered the Portland, OR market in 2016, according to MGPG’s CEO Mark Gleiberman. With the Thorncroft Farm purchase, the investment firm’s Portland multifamily portfolio totals more than 1,000 units, including the 390-unit Riverwalk Apartments in Happy Valley, OR and the 283-unit Russellville Commons Apartments in Portland, which was the firm's initial market acquisition.

The 373,552-square-foot, mid-rise community was built in 1998. Throncroft Farms features a mix of one, two- and three-bedroom floorplans and is located in close proximity to the Kaiser Permanente Westside Medical Center and the 223,709-square-foot Streets of Tanasbourne lifestyle shopping center.

Ira Virden and Carrie Kahn of HFF represented the seller in the transaction. Brian Eisendrath and Cameron Chalfant of CBRE arranged the acquisition financing on behalf of the borrower.

Please see CoStar COMPS #4130528 for more information on this transaction.
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