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Oak Coast Properties and BMC Investments have acquired the Ivy Crossing apartment portfolio in Denver in a deal valued at $177M.
The acquisition of the 1,023-unit portfolio marks the ninth and largest investment partnership between Southern California-based Oak Coast and Denver-based BMC, as well as the 11th Oak Coast assignment for BLDG Management, the property management affiliate of BMC.
The properties included in the Ivy Crossing portfolio, all located within the Cherry Creek School District, include Timberline Apartments, Woodhaven Apartments and Westwood Apartments. The properties, which provide workforce housing, will be renovated and rebranded as one large community called Ivy Crossing.
“As our single-largest takeover to date, Ivy Crossing marks a major milestone in our commitment to improving workforce housing in the Denver metro area,” BMC CEO Matt Joblon said. “Not only does it demonstrate our ability to execute an extremely complicated transaction — combining three properties into one to create one of the largest multifamily assets in Denver — but it also further solidifies the strong partnership between Oak Coast Properties, BMC Investments and BLDG Management.”
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