MIG Real Estate LLC Acquires 240-unit Multifamily Community; Cornerstone Real Estate Advisors Adds 1899 Wynkoop St. Office Tower to Portfolio
- Dec 05, 2011
MIG Real Estate LLC, a Newport Beach, California-based real estate investment company, has acquired the multifamily community Rosemont Ridge at Lowry for $29.7 million. Located at 10000 East Alameda Avenue, on approximately 10 acres of land, the 240-unit community was built in 2003 and offers various amenities such as a fitness center, business center, clubhouse, theater and spa. The property includes 242,562 square feet of rentable space and is close to the master-planned communities of Lowry and Stapleton.
MIG has spent over $400 million in acquisitions during the past two and a half years, having acquired in the Denver market a Holiday Inn & Suites and a Holiday Inn Express in August 2010 and I-225 Plaza in March 2011, a five-building, mixed-use property in Aurora, Colo., just southeast of Lowry and Rosemont Ridge.
The seller was represented by David Potarf, Dan Woodward, and Jordan Robbins of CBRE. MIG Real Estate represented itself. MIG contracted Alliance Residential Company to manage Rosemont Ridge.
In other news, The Denver Business Journal reports Cornerstone Real Estate Advisors acquired 1899 Wynkoop St. The deal was brokered by Jones Lang LaSalle’s Mary Sullivan and John Jugl. The 164,000-square-foot office tower developed by Nichols Partnership Inc., doing business as Wynkoop LLC, opened in 2000 and currently has a 93 percent occupancy rate. The largest tenant is Chicago-based law firm Bartlit Beck Herman Palenchar & Scott LLP. Nichols Partnership Inc. will stay in the building.
Randy Nichols, president of Nichols Partnership Inc., said 1899 Wynkoop drew a price of $52.7 million. His next big project is a 312-unit apartment complex with a grocery store on the ground floor at 20th Street and Chestnut Place.