MG Properties Acquires Castle Rock Apartments to Further Expansion

MG Properties expands Colorado presence with $67.15M Castle Rock multifamily acquisition.

MG Properties, a private San Diego-based real estate investor, owner, and operator, has acquired the Ridge at Castle Rock Apartments. Formerly known as Springs at Castle Rock, MG Properties purchased the property from Continental Properties for $67,150,000.

Offering one, two, and three-bedroom apartments and lofts, Ridge at Castle Rock is a 2019 garden-style asset with contemporary finishes, attractive amenities, and functional floorplans.

The Castle Rock community is conveniently located within The Meadows Masterplan Community, offering residents access to a wide variety of retail and lifestyle activities and is approximately 10 miles south of Denver’s largest employment hub.

“This acquisition will allow us to further expand our operational presence in the Denver market,” said MG Properties President Jeff Gleiberman. “We believe this submarket is ideally positioned to benefit from the region’s continued growth.”

Continental Properties was represented by David Potarf, Dan Woodward, Matt Barnett, and Jake Young of Walker & Dunlop. The property was financed with a mortgage provided by Fannie Mae and arranged by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.

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