MG Properties has expanded its Pacific Northwest multifamily holdings with the acquisition of two apartment communities in the Gresham area for a combined purchase price of $60.8 million. The San Diego-based real estate investment firm acquired the Mountain High Apartments and the Parkside Apartments, adding several hundred units to its Oregon portfolio.
According to details reported, MG Properties acquired Mountain High Apartments for $18.8 million and Parkside Apartments for $42 million. Together, the two garden-style properties total 337 apartment units. HFO Investment Real Estate represented the seller in the transaction, with brokers Tyler Johnson and Cody Hagerman handling the assignment on behalf of the disposition side.
Financing for the acquisition was provided by Fannie Mae, indicating continued access to agency capital for stabilized multifamily assets. The debt was secured by a Walker Dunlop team that included Bryan Frazier, Blake Hockenbury, Chris Botsford and Jeff Burns, who arranged the loan execution for the buyer.
Mountain High Apartments is located at 1930 S.E. Sixth St. and offers 112 units across one-, two- and three-bedroom floor plans. The property was originally built in 1996, placing it in the mid-1990s suburban multifamily vintage. Parkside Apartments is located at 2831 S.E. Palmquist Road and consists of 225 one-, two- and three-bedroom units. That community was delivered in 1999, giving MG Properties control of two late-1990s assets in the same local market.
The acquisitions further MG Properties’ ongoing expansion strategy in Oregon. The company has been active in the state in recent years through a series of apartment purchases and now holds 11 other communities across the broader Portland region in addition to the newly acquired Gresham properties. The two latest assets increase the firm’s regional scale and add to its existing operating footprint in and around Portland.
The transaction underscores continuing investor interest in established suburban multifamily properties in the Portland area, supported by the availability of agency financing. While specific loan terms were not disclosed, the use of Fannie Mae debt and representation by an experienced investment sales team suggest that the buyer and seller were able to execute a sizable transaction in the current capital markets environment.
