MG Properties Group Enters Colorado with Neon Local Buy

MG Properties Group recently acquired 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.

Neon Local is the first property purchased by MG Properties Group in Colorado and marks the 18th acquisition in the last year for the company overall, totaling more than $1.5 billion in combined value. MG Properties is continuing to target acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado and Texas. 

“We are pleased to announce our entrance into the Denver market,” said Mark Gleiberman, founder and 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.”

The sellers, North America Sekisui House and Holland Partner Group, were represented by Jordan Robbins and Pamela Koster of JLL. The acquisition of the community was financed with a loan from an affiliate of Apollo Global Management arranged by JLL’s Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice.