The 4400 Syracuse Apartments, located near the highly sought-after Denver Tech Center, have been acquired by MG Properties for $95.25 million. This purchase adds to the recent surge of development in the surrounding neighborhoods, as reported by The Denver Business Journal.
According to an MG spokesperson, this acquisition was a smart investment due to its below-market pricing compared to its current replacement cost basis. The property was previously owned by multifamily developer and investor The Morgan Group and Chicago-based LaSalle Investment Management.
With 316 units at a price of $301,424 per unit, this four-story complex offers top-notch amenities such as an outdoor kitchen and pool with spa area, coworking lounge space,and an outdoor fire pit. Public records show that The Morgan Group purchased the property in 2018 for $9.1 million before completing construction on it in 2019.
