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12/08/23
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MG Properties has purchased Bear Valley Park Apartments, a 260-unit, garden-style community in Denver, for $76 mil, or $292.3k/unit. The closing marks MGP’s third multifamily acquisition of 2023 in the Denver area.
The three-story property is located at 5775 W. Dartmouth Ave, close to scenic hiking and biking trails. Situated in Southwest Denver on the border of Lakewood, the well-established residential community offers residents a high-quality suburban living experience with convenient access to employment centers throughout the metro area, including the Southeast Business Corridor and Downtown Denver, both within a 25-minute drive. Bear Valley Park boasts a desirable range of modern amenities, large renovated floorplans, and is within walking distance to a variety of retailers and eateries.
The seller, Jackson Square Properties, was represented by Jordan Robbins and Alex Possick with JLL Capital Markets. Financing for the transaction was provided by Fannie Mae and arranged by Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice with JLL Capital Markets.
"This investment reflects our confidence in Denver’s economic growth potential and allows us to further leverage the efficiency of our regional operations there," said Jeff Gleiberman, President of MG Properties. "As a stabilized property in a high-quality submarket, Bear Valley Park is an excellent fit for our long-term investment strategy.”
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