MLG Capital Pays $51M for Denver Asset
The community previously traded in 2007 for $24.4 million.
MLG Capital has acquired Lowry North, a 192-unit community in Denver, for $51 million. The previous owner was Holland Partner Group, according to Yardi Matrix information.
The buyer also secured a $32.2 million Freddie Mac loan from Berkadia, public records show. The note will mature in 2029.
The asset previously traded in January 2007, when Holland Partner acquired it from a private owner for $24.4 million, Yardi Matrix shows. The property became subject to two CMBS loans totaling $27.1 million also originated by Berkadia in 2015 and 2020.
The 2002-completed community consists of five three-story buildings, with one-, two- and three-bedroom floorplans. Units range between 702 and 1,200 square feet and feature private balconies or patios. A total of 64 apartments were recently renovated.
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Common-area amenities at the 7-acre property include a fitness center, clubhouse, business center and playground. Additionally, the garden-style community has a swimming pool, spa, barbecue stations and more than 340 parking spaces.
Located at 8001 E. 11th Ave., Lowry North is 6 miles from downtown Denver and less than 5 miles from the Cherry Creek shopping center, while Denver International Airport is 17 miles away. The community is also 4 miles from a 587-unit community that changed hands last year for $225 million.
Berkadia Managing Director Nick Steele and Director Nate Moyer of Berkadia Denver led the transaction.
Denver multifamily deals boom
Despite the economic climate, Denver saw 11 communities—about 2,860 units—trade in January and February this year for a total of $756.6 million, more than double the $317.9 million registered during the same time of last year when six communities changed hands, Yardi Matrix information shows. However, the average price per units dropped year-over-year from $306,907 to $302,269 this year.
In February, Harbor Group International acquired a two-property portfolio totaling 434 units. The Garret Cos. sold the recently completed assets for $132.5 million.
A month earlier, Griffis Residential purchased Platform at Union Station, a 287-unit luxury multifamily property for $125.5 million. The LEED Gold-certified building came online in 2015.
