July 9, 2020
Newport Beach, CA-based MIG Real Estate LLC purchased a 1.04-acre development site in Denver from an unnamed private seller for $3.4 million. The site, which is planned for a 114-unit luxury apartment community, is the first acquisition for MIG’s new Qualified Opportunity Zone Business Fund.
MIG’s Greg Merage says, “We’re pleased to make the first of many Opportunity Zone investments with our newly launched fund. This multifamily development site offers a long-term opportunity for MIG to investment, build, and manage the property to maximize the return and tax benefits offered by the new federal regulations, while providing needed housing in these communities.”
The property is located at the corner of South Clarkson and Jefferson Avenue in Denver’s Englewood neighborhood, which serves as a gateway between downtown Denver and its southern suburbs.
MIG recently raised over $100 million in equity to invest in Opportunity Zone development sites throughout the Western United States.
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