California-based MIG Real Estate to develop The Clarkson

A national investment real estate company launched its $100 million equity investment fund with its purchase of an Englewood site where its planning The Clarkson, a market-rate multifamily development.

Newport Beach, California based MIG Real Estate LLC paid $3.4 million to a private seller for the 1.04-acre site at South Clarkson Street and East Jefferson Avenue. The site is the first acquisition for MIG’s new Qualified Opportunity Zone Business Fund, which recently raised over $100 million in equity to invest in opportunity zone development sites throughout the Western United States.

“We’re pleased to make the first of many opportunity zone investments with our newly launched fund,” said Greg Merage, CEO of MIG. “This multifamily development site offers a long-term opportunity for MIG to invest, 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. Denver’s Englewood neighborhood is a well-diversified, vibrant area with high residential desirability, making it the perfect location for our new, 114-unit luxury apartment community.”

The Clarkson, MIG noted, also will provide a high-quality housing product not currently in the market. Additionally, with the site being purchased at the start of the COVID-19 pandemic, MIG is in the preliminary stages of planning and looking at ways to improve tenants’ quality of life and housing experience should the trend shift toward more people working from home.

MIG plans to start construction on The Clarkson in 2021 with a scheduled occupancy in 2023.

The Clarkson will feature 23 studio units, eight junior one-bedroom apartments, 56 one-bedroom and 27 two-bedroom units. The single-building community comprises four stories of residential over two parking levels that are partially below grade.

TCA Architects is designing The Clarkson, which features modern architecture, 2,600 square feet of amenities and 160 parking spaces, or 1.4 covered and secure parking spaces per residence.

Community amenities include a rooftop deck, courtyard with pool, club room and gym. Additionally, it has freeway access and is close proximity to a variety of employers, health care options, such as Swedish Medical Center and Craig Hospital, and South Broadway’s shops, bars and restaurants.

Kimley-Horn Associates is the civil and landscape engineer.

MIG actively seeks to invest in, develop and revitalize additional properties located in opportunity zones in the Western U.S. and Sunbelt states that are within close proximity to employment centers, commercial amenities, schools, medical facilities, and high-volume corridors with access to mass transit.

MIG currently owns and manages over 10 million sf of commercial real estate, including 6,000 multifamily units.

Featured in the July 15-August 4, 2020, issue