MG Pays $95M for Denver Multifamily Community

The 4400 Syracuse Apartments are near a desirable development, the Denver Tech Center. MG purchased the project for $95.25 million. The Denver Business Journal reports The Denver Tech Center and its surrounding neighborhoods have been a hot spot for development lately, with multiple projects under construction.

MG Properties purchased the project near Cherry Creek State Park for $95.25 million. An MG spokesman said he got a good deal, saying the development was priced below its current replacement cost basis.

The sellers were The Morgan Group, a multifamily developer and investor based in Houston and Chicago-based LaSalle Investment Management. At 316 units, the purchase price was $301,424 per unit. The Morgan Group purchased the property in 2018 for $9.1 million, and the apartment complex was built in 2019, per public records. 

The four-story complex’s amenities include an outdoor kitchen, pool and spa, coworking lounge and outdoor fire pit.