A Hillsboro apartment complex has sold to a San Diego-based investment company for $97.5 million.

Thorncroft Farms, a 340-unit, garden-style complex, was built in 1998. It’s located at 2120 N.W. Thorncroft Drive, fewer than 5 miles from Intel and Nike headquarters.

The buyer was M.G. Properties Group, a San Diego firm that also owns Russellville Commons in Portland and Riverwalk at Happy Valley.

“Having entered the Portland market in 2016, we are excited to continue our growth in the Pacific Northwest,” CEO Mark Gleiberman stated in a news release. “Thorncroft Farms is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”

M.G. Properties Group is targeting additional acquisitions in Oregon and other Western states, according to the release.

The seller was Berkshire Group, which is headquartered in Boston. Berkshire Group was represented by Ira Virden and Carrie Kahn of HFF. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.

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