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October 27, 2021
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MG Properties Group Spends $108 Mil on Denver Res Community

10/06/21

MG Properties Group has acquired Neon Local Apartments, a 238-unit multifamily property in Denver’s South Broadway neighborhood, for $108.2 mil ($454.6k/unit). Built in 2020, this community is located at 99 S Broadway, 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 JLL. The acquisition was financed with a loan arranged by Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice with JLL Capital Markets and funded through an affiliate of Apollo Global Management.

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 bil in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 




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