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January 18, 2022
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MG Properties Group Starts Off 2022 with 564-Unit Res Buy in Denver

1/11/22

MG Properties Group has acquired 3300 Tamarac Apartments, a 564-unit multifamily asset in the Hampden neighborhood of Denver, for $141 mil ($250k/unit). The property is located at 3300 S Tamarac Dr.

The community was sold by Gelt Inc, who acquired the asset in December 2015 for $74 mil. The company added significant value to the property by enhancing operating efficiencies, renovating 129 units, and adding new amenities including Amazon lockers, a BBQ by the clubhouse, an extension and upgrade to the dog park, and an outdoor recreation area.

Built in 1977 and situated on just over 25 acres, the 15-building pet-friendly property offers studio, one- and two-bedroom units ranging from 450 sf to 1k sf in size. The units feature private balconies or patios, fireplaces, and extra storage. Some of the on-site amenities include three outdoor swimming pools, a clubhouse, barbecue grills, fitness centers, racquetball court, business center, and a lounge area.

The property offers an ideal location within walking distance to a variety of shopping and dining hot spots, as well as several parks and recreation opportunities. Proximity to major freeways and thoroughfares connects residents to the larger Denver metro and beyond. 3300 Tamarac offers a seamless commute to the downtown core, while still having the comforts of a suburban location.

The community offers an ideal location within walking distance to a variety of shopping and dining hot spots, as well as several parks and recreation opportunities. Proximity to major freeways and thoroughfares connects residents to the larger Denver metro and beyond. 3300 Tamarac offers a seamless commute to the downtown core, while still having the comforts of a suburban location.

Gelt Inc was represented in the deal by David Martin and Brian Mooney of NorthMarq. Financing was led by Scott Botsford and Joe Giordani, also with NorthMarq.

3300 Tamarac is the first community acquired by MG Properties Group in 2022 after acquiring more than $2 bil of multifamily properties in the past 12 months. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 




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