Intercontinental Real Estate, MG Properties pay $143m for Denver apartment community

Intercontinental Real Estate Corp., in a joint venture with MG Properties, has acquired Stone Cliff Apartments, a 394-unit garden-style multifamily community in the Denver submarket of Aurora, Colo., for $143 million.

This is the second significant real estate acquisition in Denver for Intercontinental in the past five months, adding to the firm’s existing Denver footprint. Intercontinental acquired a 147,000-square-foot-warehouse and distribution facility in Denver late last year. The firm’s portfolio includes 30.7 million square feet of commercial and industrial space, and more than 13,000 multifamily units across the United States. The firm plans to aggressively target additional investments, according to Jessica Levin, Intercontinental’s senior director, acquisitions.

“Denver and its submarkets are experiencing significant job growth caused by an influx of major employers, a trend we see continuing over the long-term,” said Levin. “The strength and dive