MIG Real Estate Acquires Rosemont Ridge for $29.7M

MIG Real Estate Acquires Rosemont Ridge for $29.7M

DENVER, CO - MIG Real Estate, LLC, a Newport Beach, Calif.-based real estate investment company, has acquired Rosemont Ridge at Lowry, an amenity-rich multi-family housing community in Denver, Colorado. The 240-unit community includes 242,562 square feet of rentable space and is located near the master-planned communities of Lowry and Stapleton in a highly desirable, infill area of Denver. The transaction reflects MIG’s investment strategy, which focuses on real estate opportunities in the western states with upside potential.

“As a quality rental community in a central Denver location, Rosemont Ridge is poised to generate value as rents in this region continue their upward trend,” said Greg Merage, CEO of MIG Real Estate.

Built in 2003, the property is located at 10000 East Alameda Avenue and is situated on approximately 10 acres of land. Rosemont Ridge offers a full menu of amenities, including a fitness center, heated swimming pool, children’s playground, barbeque area, business center, clubhouse, spa, theater, and individual units outfitted with full kitchens, washers and dryers, cable TV and Internet options, private balconies or patios, walk-in closets, and air conditioning. Select units offer fireplaces and vaulted ceilings.

Rosemont Ridge directly neighbors Lowry, one of the largest infill development and base reuse projects in the country, and is within a convenient distance to prominent retail locations, including the Aurora City Center and the prestigious Cherry Creek Shopping Center. The property is also proximate to major employers in the nearby Denver Tech Center.

“Locations such as Lowry are in strong demand,” says Merage. “Families and professionals alike are looking to move away from the sprawl of the suburbs closer to the metropolitan center, making Rosemont Ridge a community with upside potential.”

MIG entered the Denver market with the acquisition of a Holiday Inn & Suites and a Holiday Inn Express in August 2010. In March 2011 it acquired I-225 Plaza, a five-building, mixed-use property in Aurora, Colo., just southeast of Lowry and Rosemont Ridge.

MIG has completed more than $400 million in acquisitions during the past two and a half years. The company is engaged in an active expansion of its real estate portfolio through direct acquisitions in retail, office, industrial, hotel and multifamily properties in major markets located throughout the western states.

David Potarf, Dan Woodward, and Jordan Robbins of CBRE represented the seller in the transaction. MIG Real Estate represented itself. MIG has engaged Alliance Residential Company to manage Rosemont Ridge. Alliance currently manages more than 6,000 units in the Denver metropolitan area.

MIG Real Estate (formerly Stoneridge Capital Partners) owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver, Jackson, Wyoming and Edmonton, Alberta. The firm is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. 

Source: MIG Real Estate / #Apartments #Multifamily

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