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An apartment complex in Denver’s East Colfax neighborhood sold earlier this month for $51.05 million.
The Lowry North apartments at 8001 E. 11th Ave. sold to MLG Capital, a Brookfield real estate investment firm.
Mitch Faccio, senior vice president at MLG Capital, said in a statement that the apartment complex is “in a prime neighborhood with great access to major entertainment districts.”
The apartments are located within a 10-minute drive of Stanley Marketplace, the University of Colorado Anschutz Medical Campus and the Denver Museum of Nature & Science. A new indoor golf venue called the Hangar Club recently opened in a 22,000-square-foot building just over a mile from the Lowry North apartments.
At 192 units, the price per unit was $265,885.
“The acquisition aligns with MLG Capital’s vision for growth that targets a diverse range of income-producing multifamily properties for our private real estate funds,” Faccio continued.
The Lowry North apartments feature 66 one-bedroom, 96 two-bedroom and 30 three-bedroom apartment units. Amenities include a pool, hot tub and fitness center. Rent ranges from $1,600 to $2,700, according to Lowry North’s website.
The selling LLCs are associated with two single-family properties in Hawaii and California. Built in 2002, the apartment community last sold in 2007 for $24.4 million, per property records.
Nick Steele and Nate Moyer with the real estate firm Berkadia brokered the transaction.
“The property has had only two owners and one management company since it was built, all of which have been great stewards of the asset,” Steele said in a statement.
MLG Capital’s other properties in Colorado include a 112-unit apartment complex in Durango; the firm used to own a 280-unit apartment community in Fort Collins but has since sold it. The company is active in 22 states with close to 40,000 multifamily units, according to its website.
MLG Capital has been acquiring assets since 1987. Since 2012, the firm has operated under a fund strategy, diversifying investors across portfolios of assets, rather than individual deals.