Morgan Group and LaSalle Investment Management have sold 4400 Syracuse Apartments, a 316-unit Denver community, to MG Properties. The buyer purchased the property for $95.3 million and secured a seven-year, $54.2 million Freddie Mac loan originated by JLL, according to Yardi Matrix. A JLL Capital Markets team also arranged the deal for the sellers.
Completed in 2022, the luxury community encompasses four mid-rise buildings spread across 7.2 acres. Units range from studios to three-bedroom floorplans, ranging between 565 and 1,464 square feet. In-unit features consist of washers and dryers, along with private balconies and patios in select units.
Common-area amenities include a clubhouse, fitness center, business center, swimming pool and spa, along with more than 430 parking spaces.
Located at 4400 S. Syracuse St. in the Denver Tech Center/Southeast Business Corridor, the property is close to several dining and retail options, while The Marketplace Hampden Town Center is 2 miles away. Downtown Denver is some 13 miles northeast of the asset.
The JLL Capital Markets team that represented the sellers comprised Senior Managing Director Jordan Robbins and Director Alex Possick. Senior Managing Director Charles Halladay, Senior Director Rick Salinas, along with Managing Directors Brandon Smith and Annie Rice arranged the acquisition financing.
The deal marks MG Properties’ fifth community in the Denver area, according to Yardi Matrix. Earlier this year, the company picked up a 204-unit community in Castle Rock, Colo.
