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Denver

MG Properties snags 260-unit apartment complex in Denver for $76M

Garden-style complex in Bear Valley marks firm’s third buy this year in Mile High City

MG Properties Pays $76M for Apartment Complex in Denver
MG Properties' Jeff Gleiberman; 5775 West Dartmouth Avenue (MG Properties, Getty, prnewswire)

MG Properties has bought a 260-unit apartment complex in Denver’s Bear Valley for $76 million, its third multifamily purchase in the Mile High City this year.

The San Diego-based investor bought the Bear Valley Park Apartments at 5775 West Dartmouth Avenue, Bisnow reported. The seller was Jackson Square Properties, based in San Francisco. The deal for the garden-style complex works out to $292,000 per unit.

Jackson Square bought the complex in 2018 for $63 million, or $242 per unit.

Brokers Jordan Robbins and Alex Possick of JLL Capital Markets represented Jackson Square in the sale. Brokers Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL represented MG Properties. Financing was secured through Fannie Mae.

MG Properties President Jeff Gleiberman expressed confidence in Denver’s economic growth potential, citing the investment as a strategic move to leverage regional operational efficiency. The company, founded by Gleiberman in 1992, has a portfolio spanning California, Washington, Arizona, Nevada, Colorado and Oregon, with 28,000 units across 103 properties.

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Having entered the Denver market in 2021 with the purchase of Neon Local apartments, MG Properties has since expanded its foothold with acquisitions such as the 204-unit Ridge at Castle Rock apartments and the 316-unit 4400 Syracuse apartments. 

These investments align with a trend of Denver apartments commanding per-unit prices comparable to or exceeding levels prior to the pandemic.

The Bear Valley Park purchase reflects MG Properties’ strategic approach. The property, located in the South Lakewood submarket, aligns with CBRE’s measurement of being one of Denver’s hottest multifamily submarkets in the third quarter. 

With a vacancy rate of 5 percent, below the overall market’s 5.7 percent, and average rent of $1,800, the South Lakewood submarket is deemed “high-quality” by Gleiberman, making Bear Valley Apartments an “excellent fit” for MG Properties’ long-term investment strategy.

— Dana Bartholomew

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