MGL Partners Finalizes $49.8M Hangar 61@Peña Station
(MGL), a Denver-based multifamily, senior, workforce and affordable housing developer with a mission to build lasting value through the creation of high-quality communities, announced today that Hangar 61@Peña Station is nearing completion. The 198-unit luxury multifamily community at 18025 E. 61st Ave. in Denver has received its temporary certificate of occupancy (TCO), with project completion anticipated for January 2023.
“Peña Station checks all the boxes when it comes to our development criteria, including the opportunity to serve a variety of demographics, an attractive, rapidly growing community and close proximity to both mass transit and over 30,000 jobs with Denver International Airport,” said Mike Gerber, co-founder and partner at MGL Partners. “With Hangar 61, we’ve envisioned an unmatched luxury living experience for everyone from single renters to families. The design of this property, by our partners at Santulan Architecture and Davis Partnership, is very special, and judging by the strong pre-lease numbers, the market agrees.”
Hangar 61@Peña Station is the second multifamily development MGL Partners has delivered within the Peña Station development. The first, Elevate@Pena Station, was a first-of-its-kind community aimed at providing essential workforce housing to renters who are over-income-qualified for traditional affordable housing, but who cannot afford higher-density, infill rental communities.
Hangar 61@Pena Station will offer a luxury counterpart to Elevate@Pena Station, offering a mix of one-, two- and three-bedroom units featuring designer kitchens, full-size in-unit washer/dryer, 9-foot ceilings throughout and spacious private balconies and patios offering spectacular mountain views. Additional partners on the project include BC Builders, Cardinal Group, PacWest and Marble Capital.
Ideally located a five-minute walk from the Pena Rail Station along the University of Colorado A-line route, Hangar 61@Peña Station is part of the initial phases of the new Pena Station NEXT development – a 392-acre smart city prototype developed in partnership between Denver International Airport and Panasonic CityNOW. The innovative concept is envisioned as the future of technologically integrated and sustainable mixed-used development. Upon build-out, Pena Station Next will feature 1.5 million square feet of office space, 500,000 square feet of retail and over 2,500 residences – all utilizing clean energy, smart technology, mobility and living lab principles.
Over the years, MGL Partners has developed some of Colorado’s most successful multifamily rental communities across all income levels. The company currently has an additional 1,700 units in its construction and development pipeline. To learn more, please visit www.mglpartners.com.
About MGL Partners: MGL Partners is a local, trusted multifamily developer and investor with a proven track record of delivering quality market-rate, affordable, senior and workforce rental housing in Colorado. For almost two decades, through multiple development and business cycles, MGL has demonstrated the expertise and efficiency needed to generate attractive financial returns while managing the risks inherent in the development and investment process. By investing in and developing quality multifamily rental housing at every income level, MGL is creating the foundation for a stronger, more sustainable future for Colorado. For more information, please visit www.mglpartners.com.
