Lakewood Apartment Community Sells For $78M
Oak Coast Properties and BMC Investments have acquired St. Moritz Apartments in a deal valued at $78M.
The acquisition of the 360-unit community in Lakewood marks the sixth investment partnership between California-based Oak Coast and Denver-based BMC. The property will be managed by BLDG Management, a property management affiliate of BMC.
“With fewer apartment properties built in Lakewood compared to other regional submarkets, this has historically been a difficult place to source assets with attractive return profiles,” BMC principal and Chief Operating Officer Max Bresner said. “We were able to win this community in a competitive bid process by identifying rent positioning and operating efficiencies and by leveraging our local market knowledge and BLDG’s extensive operating platform in metro Denver.”
Built in 1986, amenities at St. Moritz Apartments include a dog park, a pool and spa, gas fire pits, a fitness center, a basketball court, a putting green and a business center. Renovation plans for the community include enhancements to the common areas and amenities.
