MG Properties, located in San Diego, has paid $67.1 million for Ridge at Castle Rock, a garden-style apartment development in Castle Rock.
Ridge at Castle Rock, located around 30 miles south of Denver and developed in 2019, offers one-, two-, and three-bedroom homes with stainless steel appliances, granite countertops, individual washers and dryers, and private balconies/patios. A pool, 24-hour fitness facility, dog park, and outdoor grilling and dining areas are among the community attractions.
Walker & Dunlop’s David Potarf, Dan Woodward, Matt Barnett, and Jake Young represented the seller, Wisconsin-based Continental Properties, in the deal. Walker & Dunlop’s Bryan Frazier and Blake Hockenberry originated an undisclosed amount of Fannie Mae acquisition financing on behalf of MG Properties.
The property’s unit count was not disclosed.
This acquisition will allow us to further expand our operational presence in the Denver market, MG Properties president Jeff Gleiberman said. We believe that this submarket is ideally positioned to benefit from the region’s continued growth.
