DENVER, CO – MG Properties Group, a private real estate investor and operator headquartered in San Diego, California, announced the 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 apartment buildings along the South Broadway Corridor. Located in the area's coveted entertainment district, Neon Local is a major artery with great access to the larger Denver subway due to its proximity to public transportation and commuter highways. Its on-site retail options and irreplaceable core location make Neon an ideal entry point into the Colorado market.
The sellers, North America Sekisui House and Holland Partner Group, were represented by Jordan Robbins and Pamela Koster from Jones Lang LaSalle (JLL). The community acquisition was funded by a loan from an Apollo Global Management subsidiary arranged by Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets.
"We are excited to announce our entry into the Denver market." said Mark Gleiberman, Founder and CEO of MG Properties Group. "This community offers a unique luxury product in one of the most desirable areas of Denver. We are continuing to actively pursue acquisitions in the wider Denver area to further expand our activities."
Neon Local is the first Colorado property to be acquired by MG Properties Group and marks the 18th acquisition in the last year for the company as a whole – valued at over $ 1.5 billion. MG Properties continues to seek additional acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado and Texas.
Source: MG property group