New South Broadway apartment complex sells for $108M

neonlocalA recently-completed apartment complex along South Broadway has sold to a California firm that hopes to do more deals locally.

San Diego-based MG Properties Group said Friday that it paid $108.2 million for Neon Local, the 238-unit complex at 99 S. Broadway.

That works out to about $455,000 a unit, not factoring in the building’s retail space, whose occupants include Dave’s Hot Chicken and Playa Bowls.

Neon Local was completed last year by Washington-based Holland Partner Group and North America Sekisui House. The firms purchased the 2.36-acre development site, previously home to a credit union, in 2018 for $12 million.

JLL brokers Jordan Robbins and Pamela Koster represented the sellers.

It’s the first Colorado property for MG Properties, which also owns apartment complexes in California, Oregon, Washington, Arizona and Nevada.

“We are continuing to actively pursue acquisitions in the broader Denver area to further scale our operations,” MG Properties founder and CEO Mark Gleiberman said in a statement.

neonlocalA recently-completed apartment complex along South Broadway has…

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