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December 5, 2023
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MG Properties Completes $67 Mil Res Buy in Colorado


MG Properties closed on the purchase of Ridge at Castle Rock Apartments, a 204-unit res community in Castle Rock, a Colorado town located south of downtown Denver, for $67.15 mil ($329k/unit). The property, formerly known as Springs at Castle Rock, was sold by Continental Properties.

Built in 2019, Ridge at Castle Rock is a garden-style community located at 3715 Bilberry St. The community offers a mix of one-, two- and three-bedroom apartments and lofts, along with contemporary finishes, attractive amenities, and functional floorplans.

Castle Rock is an affluent and rapidly growing submarket between Denver and Colorado Springs. The property is conveniently located within The Meadows Masterplan Community, offering residents access to a wide variety of retail and lifestyle activities and is approximately 10 miles south of Denver’s largest employment hub.

“This acquisition will allow us to further expand our operational presence in the Denver market,” said MG Properties President Jeff Gleiberman. “We believe this submarket is ideally positioned to benefit from the region’s continued growth.”

Continental Properties, was represented by David Potarf, Dan Woodward, Matt Barnett, and Jake Young of Walker & Dunlop. The purchase was financed with a mortgage provided by Fannie Mae and arranged by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.

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