MIG Real Estate LLC (MIG), a national real estate investment company headquartered in Newport Beach, CA, has purchased a 1.04-acre development site, located at the corner of South Clarkson and Jefferson Avenue in Denver’s Englewood neighborhood, for $3.4 million. The site is the first acquisition for MIG’s new Qualified Opportunity Zone Business Fund which recently raised over $100M in equity to invest in opportunity zone development sites throughout the Western United States.
“We’re pleased to make the first of many opportunity zone investments with our newly launched fund,” says Greg Merage, chief executive officer of MIG. “This multifamily development site offers a long-term opportunity for MIG to investment, build, and manage the property to maximize the return and tax benefits offered by the new federal regulations, while providing needed housing in these communities. Denver’s Englewood neighborhood is a well-diversified, vibrant area with high residential desirability, making it the perfect location for our new, 114-unit luxury apartment community.”
MIG will develop a 93,339-square-foot multifamily property called The Clarkson that will offer boutique homes, including a collection of modern studio, junior one-, one-, and two-bedroom residences, many with spacious balconies. Designed by TCA Architects the property will feature modern architecture and 2,600 square feet of amenities. The Clarkson will also offer 1.4 covered and secure parking spaces per residence.
The location offers strong freeway access and close proximity to a variety of employers, healthcare options, and South Broadway’s shops, bars and restaurants. Amenities will include a roof deck, courtyard with pool, club room and gym.
MIG actively seeks to invest in, develop, and revitalize additional properties located in opportunity zones that are within close proximity to employment centers, commercial amenities, schools, medical facilities, and high-volume corridors with access to mass transit. The company currently owns and manages over 10 million square feet of commercial real estate, including 6,000 multifamily units.
