MG Properties Expands Denver Footprint With $141M Buy
The former owner of the 564-unit community picked up the asset for almost half the price back in 2015.
MG Properties Group has acquired the 564-unit 3300 Tamarac Apartments in Denver, for $141 million. NorthMarq brokered the sale on behalf of the seller, Gelt Inc., and also originated a $91.7 million Fannie Mae acquisition loan for the buyer, public records show. The mortgage is scheduled to mature in February 2029.
Built in 1977, the community last traded in 2015 for $74 million, according to Yardi Matrix data. The property features a mix of studios, one- and two-bedroom units, ranging from 450 square feet to 1,035 square feet. Most units feature fireplaces and community amenities include three pools, a spa, a fitness center, a business center and a clubhouse. A total of 846 parking spaces are also available.
Located at 3300 S. Tamarac Drive in the Hampden neighborhood, the property is some 11 miles southeast of downtown Denver. Cherry Creek State Park is 3 miles from the community, while several dining, retail and entertainment options are available within a 2-mile radius.
MG Properties Group entered the Colorado market in October, with the $108 million acquisition of Neon Local Apartments in Denver. The company plans to continue purchasing multifamily assets across several other states, including Washington, California, Arizona, Nevada and Texas.