March 29, 2016
MG Properties Group has acquired the 283-unit Russellville Commons Apartments in Portland, OR. The San Diego-based buyer paid $57.8 million to the Reliant Group of San Francisco for the asset at 10320 SE Pine St.
The transaction is MG Properties’ seventh within the past year. The company is interested in buying more in Arizona, California, Colorado, Nevada, Oregon and Washington State.
Cody Hagerman and Tyler Johnson at HFO Investment Real Estate represented Reliant Group. 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.