August 8, 2018
San Diego-based MG Properties Group acquired Axcess 15, a 202-unit, transit-oriented apartment property in the Lloyd District in Portland, OR. Constructed in 1997, the community was sold by Chicago-based Waterton for $66 million.
HFF’s Ira Virden and director Carrie Kahn represented the seller and procured the buyer. Additionally, HFF’s Charles Halladay, Scott Gilson and Rick Salinas worked on behalf of the new owner to secure a loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF.
Located at 1500 NE 15th Ave., the asset is near several grocery stores and other retail and entertainment amenities, including Lloyd Center Mall, Moda Center and Oregon Convention Center. The four and five-story property features a mix of one and two-bedroom units, as well as more than 18,000 square feet of 100%-leased ground-floor retail.
For comments, questions or concerns, please contact Dennis Kaiser