DENVER, CO – MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California, announced their acquisition of Neon Local Apartments in Denver’s South Broadway neighborhood for $108.2 Million.
Built in 2020, this 238-unit community is one of the few multifamily additions along the South Broadway corridor. Located in the area’s sought after entertainment district, Neon Local’s proximity to mass transit and commuter freeways make it an arterial thoroughfare with premier access to the larger Denver metro. Its onsite retail options and an irreplaceable core location make Neon an ideal entry into the Colorado market.
The sellers, North America Sekisui House and Holland Partner Group, were represented by Jordan Robbins and Pamela Koster of Jones Lang LaSalle (JLL). The acquisition of the community was financed with a loan from an affiliate of Apollo Global Management arranged by JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice.
“We are pleased to announce our entrance into the Denver market.” said Mark Gleiberman, Founder & CEO of MG Properties Group. “This community offers a unique luxury product in one of Denver’s most sought-after neighborhoods. We are continuing to actively pursue acquisitions in the broader Denver area to further scale our operations.”
Neon Local is the first property bought by MG Properties Group in Colorado and marks the 18th acquisition in the last year for the company overall – totaling over $1.5 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, ;Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 

Powered by WPeMatico

SEATTLE, WA – Global real estate investment company Kennedy Wilson (NYSE:KW) has added two wholly owned apartment properties to its Seattle, Washington portfolio. The Kennedy Wilson team bought The Bristol at Southport, the region s largest waterfront apartment asset at 383 units, for $191 million and Geo Shoreline, a newly built 164-unit community, for $74 million. The two properties join Kennedy Wilson s multifamily portfolio focused on high-quality apartments located in rapidly growing markets across the Western United States.
These two acquisitions reflect our continued confidence in the Seattle region, where we were among the first institutional investors to establish a multifamily presence 15 years ago, said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson s multifamily division. Bristol and Geo are two premier assets with value-add upside that further our long-standing strategy to upgrade the quality of our portfolio within high-opportunity markets. Seattle is among the most economically vibrant cities in the world with proven fundamentals, a strong job market that will continue to draw employees as offices open, and robust rent growth that is now approaching pre-pandemic levels.
The Bristol at Southport is a dual-property waterfront apartment community built in 2002 and 2008 within the Southport mixed-use master plotted community featuring a waterfront boardwalk, restaurants, Class-A office that will bring 4,500 employees to the area upon lease-up, as well as a four-star Hyatt Regency hotel. The property also sits adjacent to Gene Coulon park, a 57-acre waterfront park along the southeastern shores of Lake Washington. Kennedy Wilson plans to invest $7 million to continue upgrading units and the collection of amenities onsite, which include a two-tale fitness center, multiple resident lounges, business centers, a pet park and waterfront amenities.
Located in Seattle submarket Shoreline, Geo is a 2020-built luxury apartment community with best-in-class amenities including co-working space, a 24-hour fitness and training facility, roof-top deck and lounges, as well as a dog park and dog grooming center. The apartments are in close proximity to some of the world s most successful companies as well as the Shoreline light rail expansion, which will increase accessibility to and from Shoreline in 2024.
Kennedy Wilson invested $109 million of equity, including closing costs, in the two properties and secured $158 million in 10-year, fixed-rate financing at a weighted average interest rate of 3.35 percent. The Bristol at Southport and Geo Shoreline are expected to add approximately $9 million of initial annual net operating income, which is projected to grow significantly as Kennedy Wilson continues leasing units and completes value-add initiatives including unit and amenity upgrades.
The acquisitions contribute to recent transaction activity at Kennedy Wilson as well as an expansion of the company s multifamily portfolio, which has grown from 30,000 units at year-end 2020 to approximately 32,000 units at the close of Q2 2021.

Powered by WPeMatico

DENVER, CO – Global real estate investment company Kennedy Wilson (NYSE:KW) has bought Griffis Marston Lake, a wholly owned 332-unit suburban apartment community in Denver, Colorado for $134 million, excluding closing costs. Kennedy Wilson invested $62 million of equity and secured a 10-year, $76 million loan at a fixed-rate of 2.7 percent.
The buy reflects Kennedy Wilson s continued focus on recycling capital from recent asset sales and investing in high-quality multifamily properties in growth markets throughout the Mountain States region, where Kennedy Wilson has bought nearly 1,900 units in the last 12 months and is developing approximately 1,000 more.
Griffis Marston Lake is an ideal complement to Kennedy Wilson s existing suburban multifamily portfolio and feeds into our growth strategy of expanding into high barrier to entry submarkets with leasing momentum, population growth and strong local economies, said Nick Bridges, Managing Director at Kennedy Wilson, who oversees multifamily investments in the region. Beyond the appealing location, the property offers the large unit layouts, amenities and relative affordability that we believe renters will continue to value.
Built in 2002, Griffis Marston Lake is an institutional-quality, garden-style community that sits on 16 acres in the West Denver submarket of Littleton, with simple access to Denver s major employment centers, a variety of shopping and restaurants, and convenient access to the outdoor recreational opportunities. The property is expected to add approximately $5 million of initial annual net operating income upon acquisition, which is projected to grow as Kennedy Wilson improves the renter experience on site. Renovation plans include investing approximately $6 million to upgrade unit interiors and enhance amenities and common areas.
The acquisition of Griffis Marston Lake contributes to the expansion of the company s multifamily portfolio, which has grown from 30,000 units at year-end 2020 to approximately 32,000 units at the close of Q2 2021.

Powered by WPeMatico