DENVER, CO - MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California, announced their acquisition of Neon Local Apartments in Denver's South Broadway neighborhood for $108.2 Million.
Built in 2020, this 238-unit community is one of the few multifamily additions along the South Broadway corridor. Located in the area's sought after entertainment district, Neon Local's proximity to mass transit and commuter freeways make it an arterial thoroughfare with premier access to the larger Denver metro. Its onsite retail options and an irreplaceable core location make Neon an ideal entry into the Colorado market.
The sellers, North America Sekisui House and Holland Partner Group, were represented by Jordan Robbins and Pamela Koster of Jones Lang LaSalle (JLL). The acquisition of the community was financed with a loan from an affiliate of Apollo Global Management arranged by JLL Capital Markets' Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice.
"We are pleased to announce our entrance into the Denver market." said Mark Gleiberman, Founder & CEO of MG Properties Group. "This community offers a unique luxury product in one of Denver's most sought-after neighborhoods. We are continuing to actively pursue acquisitions in the broader Denver area to further scale our operations."
Neon Local is the first property purchased by MG Properties Group in Colorado and marks the 18th acquisition in the last year for the company overall – totaling over $1.5 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, ;Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas.
Source: MG Properties Group