March 18, 2019
Denver-based BMC Investments and Oak Coast Properties acquired a value-add portfolio encompassing 1023 units within three contiguous properties on 45 acres in Metro Denver for $177 million. The Cherry Creek properties included Westwood Apartments (pictured), Woodhaven Apartments and Timberline Apartments, which were still owned and operated by the original developer.
NKF’s Terrance Hunt and Shane Ozment represented the undisclosed seller. The sale marked the largest number of units in a single trade, and the largest multifamily transaction by dollar volume in metro Denver since the sale of The Breakers in September 2016, according to NKF.
Originally built between 1974 and 1977, planned renovations will focus on exterior and amenity components which have not been upgraded in more than 40 years.
HFF’s Charles Halladay, Brock Yaffe and Rick Salinas arranged the 15-year, full-term interest-only $120 million in acquisition financing through Freddie Mac’s Optigo Social Impact initiative.
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