MG Properties Group Acquires 10th Portland-Area Apartment Asset
SAN DIEGO, June 25, 2021 /PRNewswire/ -- MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California has acquired Zera at Reed's Crossing in Hillsboro, Oregon, Portland's fastest growing suburb. Completed this year, the 324-unit, garden-style community is MG's tenth asset in the Portland market.
Since 2015, only 509 Class A units have been delivered in Hillsboro and Beaverton, making Zera's a spectacular location, close to two of Portland's largest employers. Zera is ten minutes from Nike's World Headquarters and Intel's campus, providing direct access to over 38,000 high-paying jobs. Situated along the Highway 26 corridor, Zera also provides housing to employees working throughout the "Silicon Forest."
"The Portland area's continued diverse employment growth is laying the groundwork for a strong post-Covid economic recovery," said Founder & CEO of MG Properties, Mark Gleiberman. "Zera at Reed's Crossing is ideally positioned to serve residents in the expanding west-side market."
MG Properties Group has purchased 13 communities in the past year totaling over 3,900 units and $1.31 billion in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada.
Eastdil Secured's Mark Washington, Joseph Smolen and Mark Petersen represented the seller, North America Sekisui House and Holland Partner Group. The acquisition of the community was financed with a loan from an affiliate of Apollo Global Management arranged by Lee Redmond and Greg Stampley from Eastdil Secured.
To learn more visit: www.RentZera.com
About MG Properties Group: MG Properties Group (MGPG) is a privately owned real estate owner and operator specializing in multi-family assets. Since 1992, MGPG has acquired over 158 communities with its private investors and institutional joint venture partners totaling over 36,000 units, representing more than $8.0 billion in total asset value, including 28,800 units since 2010. The company's current portfolio includes more than 21,000 units valued at $5.6 billion in California, Washington, Arizona, Nevada, and Oregon. MGPG employs industry experts leading teams in acquisitions and underwriting as well as asset, property, construction, and investment management. For additional information, visit www.mgproperties.com.
SOURCE MG Properties Group
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