Capstone Closes Sale of Iliff Avenue Office Redevelopment Project in Denver

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Iliff Avenue
The forthcoming Iliff Apartments project, which has been awarded 9% Low Income Housing Tax Credits (LIHTC), will provide much-needed affordable housing for aging adults in Denver.

Capstone Colorado Land Team has closed the sale of 4770 E Iliff Avenue, a 48,917 sq ft (1.12 ac) office redevelopment property in Denver for $2,700,000. Adam Bellin, Travis Hodge, and Taylor Burns of Capstone represented the Buyer, MGL Partners, in this transaction.

4770 E Iliff Avenue is centrally located in Denver in an established residential and mixed-use neighborhood, providing a quiet, walkable experience for older adults. Easy access to light rail and transit will further support resident mobility.

The site is currently home to a small office building that MGL Partners plans to demolish and build a new 50-unit aging adults apartment community. The housing will be aimed at residents who make between 30-80% of AMI. Crucially, it will also be the only older adult building in this area providing units for renters in the 61-80% AMI range.

“The project on Iliff is an example of our continued commitment to the city to provide affordable housing for our aging community,” said Danielle Vachon Bell, Development Director for MGL Partners. “Adam and the rest of the Capstone team were instrumental in helping to navigate a difficult and unique transaction. This is the first deal we’ve closed with Capstone and are currently working with them on multiple others and look forward to continuing our work together.”

Capstone was founded in 2008 with a vision to better serve the stakeholders involved in the shift of the for-sale residential market toward growth & demand in rental assets.
We built an all-inclusive platform supporting multifamily investment in its many forms. Since then, Capstone has risen to support clients with a continuously expanding range of services across an ever-growing geographic coverage.

MGL Partners is a Denver-based developer and investor with a focus on market-rate multifamily, workforce, senior and affordable housing communities. It is the most active for-profit developer of affordable housing in Colorado, and its team members are experts in Low-Income Housing Tax Credits and other forms of financing for affordable communities. MGL believes that long-lasting value and high-quality communities should be enjoyed by all and leverages its deep relationships to bring these projects to fruition in communities across Colorado and beyond.