MG Properties Group acquired the 3,300 Tamarac 564-unit apartments in Denver for $ 141 million. NorthMarq negotiated the sale on behalf of the seller, Gelt Inc., and also made a $ 91.7 million Fannie Mae acquisition loan for the buyer, according to public records. The mortgage is expected to mature in February 2029.
Built in 1977, the community last traded in 2015 for $ 74 million, according to data from Yardi Matrix. The property offers a mix of studio, one and two bedroom units, ranging from 450 square feet to 1,035 square feet. Most units have fireplaces, and community amenities include three swimming pools, a spa, fitness center, business center, and clubhouse. A total of 846 parking spaces are also available.
Located at 3300 S. Tamarac Drive in the Hampden neighborhood, the property is approximately 11 miles southeast of downtown Denver. Cherry Creek State Park is 3 miles from the community, while several dining, shopping and entertainment options are available within a 2 mile radius.
MG Properties Group entered the Colorado market in October with the $ 108 million acquisition of Neon Local Apartments in Denver. The company plans to continue purchasing multi-family assets in several other states, including Washington, California, Arizona, Nevada and Texas.