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A San Diego-based investment group has paid $57.85 million for Russellville Commons, a 283-unit multifamily complex in the Gateway District.

M.G. Properties Group purchased the property at 10320 S.E. Pine St. from The Reliant Group, a San Francisco holding company, according to a press release from HFO Investment Real Estate, which represented the seller.

M.G. Properties Group has a portfolio of more than 12,000 units in California, Washington, Arizona and Nevada. The acquisition was the company’s first in the Portland market.

鈥淲e’ve been trying to get into the Portland market for the past 18 months and have bid on a number of properties, and this is the first one that has (been successful),鈥� said Christian Garner, M.G. Properties Group’s chief investment officer.

鈥淲e’ve been attracted to the Portland growth prospects 鈥� wage growth, job creation and overall fundamentals,鈥� he said.

M.G. Properties Group is only the latest institutional multifamily investor making a play in Portland. Garner hinted that more acquisitions may be in the works.

鈥淎fter this transaction we are hopeful to find additional transactions this year as we’d like to build out a portfolio in that market,鈥� he said.

The units average 875 square feet and include a variety of floor plans.

The building was constructed in 1999. The property includes a pool and spa, a business center, a modern fitness center and a lounge.

鈥淲e like the newer vintage, the strong quality, the solid asset of the build,鈥� Garner said. 鈥淲e’re interested in the light renovation opportunities.鈥�

The local deal was financed with a 10-year fixed-rate mortgage provided by PNC Real Estate.

Portland has one of the hottest residential rental markets in the nation. Adobo, an apartment-search service, reported average rent for one-bedroom apartments in Portland rose 14 percent from February to March, to $1,303.