MIG Real Estate Acquires Three Multifamily Communities in Colorado
- Aug 14, 2012
Lakewood, Colo.—MIG Real Estate LLC, a Newport Beach, Calif.-based real estate investment company, expanded its Colorado portfolio with the purchase of two multifamily properties in the Lakewood submarket of Denver and another in Golden, Colo.
“Denver’s excellent demographic and job growth trends, coupled with limited new supply in the western submarkets, are expected to result in strong performance at the properties,” says Greg Merage, CEO, MIG Real Estate.
The firm acquired The Hamptons, a 312-unit residential community, and The Huntington, a 288-unit residential community. Not long after these acquisitions, MIG acquired Canyon Point Cottages, a 196-unit residential community consisting of 49 townhome-style buildings on 15 acres in Golden, Colo.
Located at 8507 West Hampden Ave. in Lakewood, The Hamptons includes a modern clubhouse, two pools, a year-round spa, tennis and basketball courts, an Internet café and detached garages.
The Huntington is located at 8223 West Floyd Ave. in Lakewood and is adjacent to a city park and open space. Amenities include a clubhouse with a pool, year round spa, tennis courts and 24-hour fitness center.
The Lakewood submarket is home to the Denver Federal Center, Saint Anthony’s Hospital and several major employers including Lockheed Martin, American Facility Maintenance and Ludvik Electric Company. Both of these properties have easy access to I-25 and C-470, just a 20-minute commute from downtown Denver and 15 minutes from the Denver Tech Center.
Canyon Point Cottages was built in 1996 and is the newest multifamily property in Golden, as a year earlier the city restricted residential construction to just one percent of existing housing stock per year, ending multifamily construction.
The property consists of one-, two- and three-bedroom, townhome-style, floor plans with private entries, fully-equipped kitchens, extra storage, private patios, air conditioning, washer/dryer hookups, gas fireplaces, large walk-in closets and detached garages. Amenities include outdoor swimming pools, a clubhouse, business center and a fitness center.
“The community’s townhome-style layout offers a unique neighborhood feel that is very desirable to residents,” Merage says. “Denver consistently ranks among Forbes’ ‘best places to live’ and its demographic and job growth trends are expected to produce strong results for multi-family properties, in submarkets with limited supply like Golden.”
The Golden area is situated between the Table Mountains and the Rocky Mountains, providing its residents with a mountain lifestyle experience with convenient access to the Denver metro area.
A FasTracks light rail corridor is nearly completed and will provide Golden residents with access to the broader metro area.
With these new additions, MIG now has seven Colorado properties and the company is expected to announce more in the weeks ahead. Merage says the company plans to continue its strategic plan to focus on well-located properties with a “value-add” component.