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9/19/22
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Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. ("CRA"), a Denver-based multifamily owner and operator, in partnership with Milwaukee-based MLG Capital, is pleased to announce the purchase of the 112-unit Skyline Apartments in Durango, Colorado. According to public record information, the asset traded for $32.75 mil.
Built in 2002, Skyline is located at Goeglein Gulch Rd. It is one of only three institutional-quality multifamily communities in Durango. CRA and MLG plan to implement a renovation program that will focus on modernizing the property’s amenities, common areas and unit interiors. The partnership assumed the existing low-leverage debt on the property.
The property will be managed by Valiant Residential, an institutional-quality third-party multifamily management firm. This deal marks the sixth partnership between CRA and MLG Capital following their recent disposition of Tempe Metro in Tempe, AZ.
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