News
FOR IMMEDIATE RELEASE
Press Contact:
Laura Ettinger
+1 719-231-7202
laura@bellandigroup.com
Mountain Capital Group Expands Holdings in Denver
High quality dwellings comprise new company’s offerings.
Denver, CO, January 9, 2012 – Washington Street Townhomes, LLC, an affiliate of Mountain Capital Group, Inc. (MCG), recently announced the $3.5 million dollar purchase of a 10-unit luxury townhome project at 9th Avenue and Washington Street located in the Capitol Hill area of Central Denver, (still the Hub for Gen Y and young professionals). The project was completed in 2009 at the height of the recession; but hit the market at the wrong time, forcing the developer to rent out the townhomes. Mountain Capital Group intends to continue to operate the project as luxury rentals for the foreseeable future, with a long term plan to sell the townhomes as condominiums in approximately five years.
Bob Alexander, President of Mountain Capital Group, stated: “We are very excited to become a part of the thriving Denver economy and are looking to attain more high quality projects in the area.” The architecturally appealing complex contains three and four-story townhomes averaging approximately 2,000 square feet each. The units are situated around a central atrium courtyard, each boasting numerous balconies and patios, some with 700-square foot roof decks, and offers high-end finishes, such as designer appliances and hardwood flooring and tile throughout. Six of the larger four-story units feature individual elevators. It is certainly one of the finest properties in Capitol Hill.
Denver is a city on the move and one that is constantly focused on prosperity. “Denver ranked 10th for best cities to relocate to by a Harris Poll,” said Alexander. “And Forbes ranked Colorado as the fifth-best state for business and careers, paying special tribute to its highly educated workforce, as well as favorable quality of life. Mountain Capital Group is in exactly the right city to grow our business.”
Leading indicators point toward sustained economic gains for the Denver Metropolitan Area in 2012-2013. Many companies are reporting that they will be adding employees and new organizations are moving to Denver, including renewable energy companies. Ongoing business and construction, such as Denver’s light rail, is stimulating more business creation and investment. Denver’s population is also on the rise, with young professionals being one of the largest demographics.
“It’s our opinion that with the lagging economy, uncertainty about housing and jobs, and increasing difficulty in obtaining home loans that the demand for apartments will remain favorable,” said Ellen Alexander, EVP and Director of Finance. “Mountain Capital Group and its affiliates are poised to create a mutually beneficial environment, one that will make the best apartments in Denver available to those living there.”
About Mountain Capital Group
Mountain Capital Group (“MCG”) is an opportunistic real estate fund manager, investor and syndicator, who for the past 20 years have found unique investment opportunities for its investors. MCG and its affiliates have funded approximately 7,000 single family home subdivisions and over 500 apartment units, with total value of projects funded in excess of one billion dollars. Robert J. Alexander and Ellen Bellandi Alexander are the founders and principals. For more information, visit: http://www.mountaincapitalgroup.com.
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