MG Properties Group, a private San Diego-based real estate investor and operator, has acquired two multifamily communities — the Pallas Townhomes & Apartments in Beaverton, Ore., and the Tivalli Apartments in Lynnwood, Wash. — for a combined total of more than $305 million.
Pallas Townhomes & Apartments, a 566-unit community in Beaverton, was acquired in an off-market transaction for $186 million from a joint venture between Holland Partner Group and Invesco Real Estate. Built in 1997, Pallas is located on the Millikan Way MAX Light Rail stop in Beaverton. The property offers convenient access to the employment hubs of Hillsboro, Ore., to the west and downtown Portland, Ore., to the east and is within walking distance to both Nike’s World Headquarters and the Providence Medical Group facility. MG Properties Group plans to invest additional capital in the property to renovate unit interiors.
Tivalli Apartments, a 383-unit community located north of downtow
