MG Properties Nets Colorado Asset for $67M

Continental Properties has sold the project, which is located near several colleges, parks and nature preserves.

The Castle Rock property. Image courtesy of MG Properties

Real estate investor MG Properties has acquired Ridge at Castle Rock Apartments, formerly known as Springs at Castle Rock, from Continental Properties. Located between Colorado Springs and Denver in Castle Rock, Colo., the $67.1 million acquisition expands MG Properties’ presence across the Centennial State.

Built in 2019 at 3715 Bilberry St., Ridge at Castle Rock is a garden-style apartment community featuring 204 units in three-story buildings. The property provides studio, one-, two- and three-bedroom apartments and lofts. Apartments at the property have walk-in closets, kitchen islands and hardwood floors, as well as double vanities and private balconies and patios. Common-area amenities include an onsite dog park.

The community’s location in Castle Rock places residents close to downtown restaurants, breweries and theaters and near more than 50 miles of hiking trails. The nearby Phillip S. Miller Park offers 300 acres of recreation space, including ziplining, playgrounds and adventure courses and trails. A recreation center, the Miller Activity Complex, includes an indoor water park and batting cages. The Shops at the Meadows, Promenade at Castle Rock and The Outlets at Castle Rock offer nearby shopping options. Three parks are within 25 miles of Ridge at Castle Rock, including The Wildlife Experience and Daniels Park.

Four institutions of higher learning are located within 20 miles. They are the University of Colorado at Denver, Rocky Vista University Colorado, the Denver Seminary and Arapahoe Community College, Parker Campus. The County Line and Dry Creek transit and subway stations are located within 20 minutes of the community. Three months ago, MG Properties expanded its Nevada footprint by acquiring the Tribeca North Apartment Homes in North Las Vegas, for $81 million.

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