MIG pounces on luxury apartment complex west of Denver

MIG Real Estate has picked up a 99-unit luxury apartment building outside Denver for $47.5 million.

The Newport Beach, Calif.-based investor bought the West 8th apartments at 1410 Eighth Street in Golden, about 15 miles west of Denver, the Denver Business Journal reported. The seller was locally based Confluence Communities, which developed the property.

The deal works out to $479,798 per unit. Brokers David Potarf, Dan Woodward, Matt Barnett and Jake Young of Walker & Dunlop represented the seller.

The deal also comes as a glut of apartment construction across greater Denver has resulted in the largest quarterly decline in rents on record.

The regional market added nearly 20,000 new apartments last year, double the pace of normal construction, ushering in a 3.6 percent decline in rents in the fourth quarter, according to the Apartment Association of Metro Denver.

Golden, a former mining camp at the foot of the Rocky Mountains, is home to the headquarters of Coors Brewing, in addition to several microbreweries and annual beer festivals.

The apartments are located near the former Golden High School, bought by AC Development late last year. The firm was launched by the Coors family in 2020 to redevelop its CoorsTek ceramics manufacturing plant in Downtown Golden.

Built in 2014, the West 8th apartments are across the street from the Golden Community Center, with a 25-meter lap pool and indoor running track.

“The apartment building showcases modern luxury designs, high-quality construction, ideal unit mixes, and a carefully crafted collection of both unit and community amenities,” according to Walker & Dunlop, which called the area “one of the most desirable communities on the city’s west side.”

The apartments are LEED certified and include solar power. They have a park and an outdoor courtyard with a firepit, a cyber cafe, exhibition kitchen and a fitness studio.

Units average 1,000 square feet with monthly rents ranging from $2,578 for a one-bedroom to $4,363 for a three-bedroom apartment, according to Apartments.com.

MIG Real Estate, founded in 2000, has $2 billion in assets under management, including 10,000 square feet of properties and 6,000 multifamily units, according to its website.

— Dana Bartholomew