MGL Partners to Add 50 Units of Senior Housing in Denver

MGL Partners, a Denver-based multifamily, senior, workforce and affordable housing developer, has purchased 4770 E Iliff Ave, a 48,917-square-foot (1.12 ac) office redevelopment property in Denver for $2,700,000.

Adam Bellin, Travis Hodge, and Taylor Burns of Capstone Companies represented MGL Partners in this transaction.

The forthcoming Iliff Apartments project, which has been awarded 9% Low-Income Housing Tax Credits (LIHTC), will provide much-needed affordable housing for aging adults in Denver. 4770 E Iliff Ave is centrally located in Denver in an established residential and mixed-use neighborhood, providing a quiet, walkable experience for older adults. Easy access to light rail and transit will further support resident mobility.

The site is currently home to a small office building that MGL Partners plans to demolish and build a new 50-unit aging adult apartment community. The housing will be aimed at residents who make between 30-80% of AMI. Crucially, it will also be the only older adult building in this area providing units for renters in the 61-80% AMI range.

“The project on Iliff is an example of our continued commitment to the city to provide affordable housing for our aging community,” said Danielle Vachon Bell, development director for MGL Partners. “Adam and the rest of the Capstone team were instrumental in helping to navigate a difficult and unique transaction. This is the first deal we’ve closed with Capstone and are currently working with them on multiple others and look forward to continuing our work together.” 

Capstone is an established market leader regionally and nationwide in multi-housing investment sales. With $4B+ in recent sales and nearly 40,000 units sold in the last year regionally and nationwide, Capstone is one of the premier players in the apartment brokerage industry.

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