Oak Coast Snaps Up Denver Workforce Housing For $52.5M
LA-based Oak Coast Properties, a value-add and opportunistic player with experience in Denver, acquired a majority interest of Villas on 76th, a 384-unit workforce housing property in Denver. The seller, Cherry Creek-based BMC Investments, will retain a minority interest.
This is the fifth investment partnership between Oak Coast Properties and BMC. BLDG Management, an affiliate of BMC, will retain management and continue to operate the property, which is north of the Boulder Turnpike. The $52.5M deal is being financed by HFF.
"With the acquisition of Villas on 76th, our Denver portfolio will total over 3,000 units,” Oak Coast Properties Managing Partner Phillip Nahas said. “The multifamily market in Denver continues to outperform."
BMC acquired Villas on 76th in 2013 and made substantial investments in the property, addressing deferred maintenance as well as updating the look and feel of the community. Common amenities include a playground, a pet park, a swimming pool and a newly renovated clubhouse.
“With strong economic and real estate fundamentals that allow for sustained growth, we believe Denver is a great market for a long-term hold," Nahas said.
He said the company plans more investments in the Denver market.