PORTLAND, OR – MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Portland presence, 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 simple 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 bought 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. 

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SAN DIEGO, CA – Ascenda Capital, in partnership with the California Municipal Finance Authority (CMFA), closed on the $97 million acquisition of Latitude33 Apartments, a 198-unit apartment community located in downtown Escondido, CA. Ascenda Capital will be transitioning the property, built in 2012, from a market-rate community to a rent-restricted community that provides housing for middle-income families. The transaction was approved by the Escondido City Council with a unanimous 5-0 vote during the City Council Meeting on October 27th. This acquisition marks just the second acquisition in San Diego County through California’s Essential Housing Program.
Ascenda Capital, acting as the project administrator, will be reserving all of the units at Latitude33 to provide housing for families earning between 60-120% of area median income (AMI) in San Diego County. These families include first responders, nurses, teachers, social workers, military personnel, and other workers that are essential to the community of Escondido. Ascenda will immediately decrease rents for new qualified residents at the property. Residents that do not qualify will not be displaced and will have full freedom to continue living at the community until they choose to go out.
“We are thrilled to be entering the essential housing space and making much needed high quality affordable housing for the workforce of Escondido,” said Matt Avital, principal & founder of Ascenda Capital. “As we transition the property from market rate to affordable housing, we will be reducing rents at the property by an average of 26.5% when compared to market rents in Escondido. We are very passionate about affordable housing and look forward to giving hundreds of middle-income families in Escondido the opportunity to live in high quality housing directly within the community that they serve.”
The property, located at 515 Meander Glen, Escondido, CA 92025, is situated just a block from Escondido City Hall and the California Center for the Arts, Escondido. The property is located in the center of downtown, providing residents with convenient access to nearby retail, restaurants and local attractions such as Starbucks, Lowe’s, Escondido World Marketplace, Regal Escondido and Northgate Market, all within walking distance. The majority of the units at Latitude33 are 3-level townhomes with attached garages and private entrances, providing residents with a spacious living experience and luxurious shared amenities. “We are thrilled to be providing middle-income families in Escondido with such a high quality of living at affordable rent levels,” said Ascenda’s Matt Avital.

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UPPER MARLBORO, MD – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought two apartment communities in Upper Marlboro, Maryland, the Village of Churchills Choice and Hunters Glen. Both sellers were represented by broker Robert Garrish with Newmark. HZ now owns and operates 11 residential apartment communities in the D.C. metro area.
“The acquisitions of Village of Churchills Choice and Hunters Glen will help HZ expand its presence in the Washington D.C. metro and enter a new submarket of Upper Marlboro,” said David Nelson, Hamilton Zanze’s chief transactions officer. “We are excited about our continued growth in Maryland and the prospect of providing quality housing to the local tenant base.”
Village of Churchills Choice and Hunters Glen are located 20 miles from Downtown Washington D.C. The properties are strategically located near Interstate 495, providing residents simple access to Downtown Washington D.C., Downtown Baltimore, and other major employment centers within a reasonable commuting distance.
Built in 2000, Village of Churchills Choice features 192 residential units, and was 95% occupied at the time of buy. Hunters Glen was built in 1992, offers 154 units, and was also 95% occupied as of the date of buy. Both properties are garden-style communities with swimming pools, outdoor grilling and picnic areas, and 24-hour fitness centers. Spacious units feature washers and dryers, walk-in closets, and private patios and balconies.
HZ’s capital improvements for the properties include exterior maintenance and improvements, landscaping, improvements to community amenities, and interior unit renovations. All property management responsibilities have been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
The Washington D.C. metro benefits from a well-established economy driven by a young, educated workforce and is home to 17 Fortune 500 companies, including Fannie Mae, Freddie Mac, Capital One, and Lockheed Martin. In 2018, Amazon announced plans for a new corporate headquarters known as HQ2 in Crystal City, Arlington, VA (20 miles or 30-minute drive from the Properties). The State of Maryland reported that construction of HQ2 will support 25,000 additional jobs, more than $1.7 billion in employee compensation, and more than $4.3 billion in net new economic activity.

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