MIG Real Estate LLC Acquires Two Residential Communities in Lakewood
- Aug 08, 2012
MIG Real Estate LLC has acquired two residential communities in the Lakewood submarket of Denver. The Newport Beach, Calif.-based real estate investment company purchased The Hamptons and The Huntington, representing the fifth and sixth acquisition for the company in Colorado.
The Hamptons is a 312-unit residential community located at 8507 West Hampden Ave. in Lakewood. Amenities include a modern clubhouse—fully renovated in 2006, a spa, two pools, tennis and basketball courts, detached garages and an internet cafe. The Huntington, located at 8223 West Floyd Ave. in Lakewood, is adjacent to a city park and open space. The 288-unit community features amenities that include a pool, tennis courts, a spa and a 24-hour fitness center.
Both properties are serviced by the RTD Park & Ride and offer access to I-25 and C-470. The Lakewood submarket is home to major employers such as Lockheed Martin, Ludvik Electric Co. and American Facility Maintenance, as well as the Denver Federal Center and Saint Anthony’s Hospital.
MIG Real Estate represented itself in the transaction, while the seller was represented by Dan Woodward, David Potarf, Tyler Anderson and Sean Cunningham of CBRE Inc. Alliance Residential will manage the properties for MIG.
Greg Merage, CEO of MIG Real Estate, said: “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.”
The statement is backed up by a recent report released by Marcus & Millichap that forecasts over 34,000 jobs will be created in Denver this year, increasing the total employment by 2.8 percent. Another positive sign is the improving metrowide vacancy, which dropped 30 basis points to 5.1 percent in the first three months of 2012. The vacancy rate has fallen 390 basis points from the five-year peak attained in the second quarter of 2009.
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Image Courtesy of: www.carmelapartments.com
Chart courtesy of: Marcus & Millichap Real Estate Investment Services Inc.