Portland Multifamily Trades for $54M
San Diego-based, MG Properties Group has purchased the recently rebranded, 210-unit multifamily community, Maddox Apartments, in Portland, OR.
PORTLAND, OR – Private San Diego-based real estate investor and operator, MG Properties Group has acquired the 210-unit multifamily community, Maddox Apartments, in Portland, OR. The company purchased the property for $54 million from Prima Donna Development.
Formerly known as two separate communities, North Harbour Vista and Marine View, the properties were recently combined and rebranded as Maddox Apartments.
Located in North Portland’s Bridgeton neighborhood along the Columbia River, the asset offers on-site retail and is situated near the Expo Center Light Rail Station.
With the acquisition, MG Properties Group is expanding its presence within the city.
“We are thrilled to add Maddox to our portfolio of communities,” says Mark Gleiberman, founder and CEO of MG Properties Group. “Maddox allows us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
Maddox Apartments represents the 20th community that the company has acquired in the past year, totaling more than $1.6 billion in combined value. The firm continues to target additional acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.
The acquisition was financed with a loan from an affiliate of Apollo Global Management that was arranged by Walker & Dunlop’s Bryan Frazier, Andrew Schoene and Blake Hockenbury. Palmer Capital Inc.’s Mark Palmer, Michael McCleary and Ryan Thompson represented the seller in the transaction.