DENVER, CO – CMG Capital started construction on Momentum at First Creek, a $50 million multifamily rental project in Denver. The company partnered with Massimino Development on the property located at 56th Avenue & Telluride Road within the high-growth corridor of the Denver International Airport.
The Momentum project is the second CMG Capital and Massimino Development partnership in Colorado. The two companies broke ground on Farm Haus Apartments in Longmont in August 2019.
The development offers an astonishing array of amenities featuring a 7,750 square foot clubhouse with an impressive resort-style lobby and 24-hour state-of-the-art fitness center, a coffee bar, co-working offices, expansive lounge areas, a game room and indoor/outdoor kitchens, along with a dog wash. The property will offer the most robust outdoor amenity program in the market including a resort style pool, oversized spa, two water features, pool cabanas and a pool pavilion featuring two outdoor televisions. Fire pits, al fresco dining areas, a BBQ pavilion outfitted with gas grills and a pizza oven make for awesome meals. Televisions, outdoor game areas, a bocce ball court, dog park, playground and walking path complete the outdoor amenities.
“There is nothing like this property in the sub-market,” said Shawn Chemtov, CEO of CMG Capital. “The amenities are unparalleled and we believe that there is a pent-up demand for this type of development.”
Momentum at First Creek will offer 200 one, two, and three-bedroom luxury apartments encompassing six residential buildings on nearly eight acres. Apartments include designer kitchens featuring stainless steel appliances, quartz countertops and large islands. They offer oversized private balconies, full-size washers and dryers and faux wood plank flooring. Master suites feature spacious walk-in closets, double vanities, oversized tubs, and nine-foot ceilings.
Units range in size from 620 square feet to 1,412 square feet. Rents will start at $1,395 and units will be available in April 2022.
Chemtov is a limited partner in Connect at First Creek, a 150-unit multi-family development directly adjacent to Momentum developed by Massimino Development. Connect at First Creek’s property lease–up started at the peak of the pandemic and is currently stabilized, averaging 18 units per month during lease-up.

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DORAVILLE, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Forest Cove Apartments, a 638-unit apartment complex located in the northeastern Atlanta suburb of Doraville. The garden-style apartment complex sits on 78 acres and features one, two, and three-bedroom units. The property’s amenities include a pool, a fire pit, a grilling area, a dog park, two playgrounds, and two soccer fields.
Matt Stewart, Partner and Director of Asset Management of TerraCap said, “The acquisition of Forest Cove continues our strategy to buy well-located workforce housing with high value-add potential in strong suburban markets. We are heavily invested in northeast Atlanta and believe in the growth dynamics we see along the I-85 corridor from North Druid Hills Road to Sugarloaf Parkway.”
During ownership, TerraCap plans to reposition Forest Cove by investing into both the interiors and the exteriors of the property. The property already has proven value-add potential, with a previous renovation program achieving premiums over $200. “We’re excited for the opportunity to add this property to our multifamily portfolio,” said Steve Excellent, TerraCap’s National Director of Acquisitions. “This acquisition will complement our existing holdings in the area, and our team has a vision to reposition the asset in a growing Atlantamarket.”
Kevin Geiger of CBRE represented the seller in the disposition. TerraCap was represented by Robert Kadoori and C.J. Kelly of CBRE’s Debt & Structured Finance division in arranging financing for the acquisition. Chad DeFoor and Dan Phelan of Franklin Street helped in securing the buyer.

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NORFOLK, VA – Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of a portfolio of eight multifamily communities in the U.S. Southeast for $309 million.
Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro, Durham, and one property is in Hampton, Va.
The portfolio was sold by Newmark’s Dean Smith and John Heimburger and financing was arranged by Newmark Capital Markets Team Henry Stimler, Bill Weber and Matt Mense.
The acquisition marks HGI’s return to the North Carolina market and expands the firm’s footprint in Virginia. The portfolio totals more than 2,300 units and each property is proximate to major employers and office markets as well as entertainment centers.
“The buy of this portfolio allows Harbor Group International to increase investor exposure to a diverse set of geographic locations in high-growth markets,” said Richard Litton, President, HGI. “We see significant potential for continued high occupancies and rent growth across the portfolio and look forward to expanding our presence in the U.S. Southeast.”
HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer/dryers.

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