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A 390-unit apartment complex in Happy Valley has changed hands.

MG Properties Group of San Diego purchased the property, Green Leaf Monterey Apartments, for $76 million. The seller was Green Leaf Partners of Danville, California, in the San Francisco Bay Area. The sale equates to a price of $194,871 per unit, or more than $147 per square foot.

The apartment complex at 8640 S.E. Causey Ave. is located on 11.8 acres near Clackamas Town Center. Amenities include a fitness center, a clubhouse, a pool and covered parking.

HFO Investment Real Estate partners Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton brokered the transaction.

The Portland area has seen a number of major multifamily transactions take place in recent weeks. In part, investors have realized gains they were hoping for and are cashing out.

鈥淭he big thing is people who bought real estate in this market three years ago 鈥� they’ve seen such an accelerated rent growth that their exit prices have been achieved earlier,鈥� Johnson said.

Rents at Green Leaf Monterey range from $1,115 to $1,635 per month, according to the development’s website. Units have one, two or three bedrooms, and range in size from 700 to 1,150 square feet.