SAN DIEGO, Dec. 1, 2021 — MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Portland presence, today announcing the acquisition of Maddox Apartments. The two newly combined and rebranded communities, formerly known as North Harbour Vista and Marine View, offer on-site retail and a coveted location along the Columbia River.
Located in the Bridgeton neighborhood of North Portland, the 210-unit community offers an ideal location within walking distance to the Expo Center Light Rail Station, connecting residents to the larger Portland metro and offering easy access to Vancouver. North Portland offers a seamless commute to the downtown core, while still having the feel of a suburban location.
“We are thrilled to add Maddox to our portfolio of communities,” said Mark Gleiberman, MG Properties Group’s Founder & CEO. “Maddox allows us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
The seller, Prima Donna Development, was represented by Mark Palmer, Michael McCleary, and Ryan Thompson at Palmer Capital Inc. The acquisition of Maddox Apartments was financed with a loan from an affiliate of Apollo Global Management arranged by Bryan Frazier, Andrew Schoene, and Blake Hockenbury at Walker & Dunlop.
Maddox is the 20th community acquired in the past year by MG Properties Group, totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.
About MG Properties Group
MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 80 communities.