MG Properties Enters Colorado With $108M Buy
- Oct 04, 2021
Real estate investor and operator MG Properties Group has acquired Neon Local Apartments in Denver. Situated at 99 S. Broadway in the sought-after entertainment district of the South Broadway enclave, the 2020-built property sold for $108.2 million. The sellers were North America Sekisui House and Holland Partner Group.
A loan from an affiliate of Apollo Global Management, arranged by JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice, financed the purchase.
Neon Local features a blend of floorplans ranging from studios to three-bedroom units. Features and finishes include deep soaker style tubs, 9- and 10-foot ceilings, in-unit washer-dryers, oversized walk-in closets and polished quartz countertops. A fitness center is among the property’s common-area amenities.
South Broadway, known as SoBo, is located about 3 miles south of downtown Denver. The neighborhood features an nightlife scene and numerous dining opportunities. Neon Local residents also benefit from a location convenient to a wide selection of theaters, museums, restaurants, historic sites and shopping malls.
Transit and subway proximity represents another upside of the apartment community. Five different stops are within 2.3 miles of Neon Local. Interstate 25 runs alongside SoBo, and furnishes residents with quick commutes around the Denver metropolitan area.
Neon Local represents MG Properties Group’s first foray into Colorado. It is the firm’s 18th acquisition overall in the last 12 months. In a prepared statement, MG Properties indicated it is targeting additional acquisitions in the Denver area.
In August, MG Properties acquired Parq Crossing, a 288-unit community in Sparks, Nev.