July 30, 2020 Comments (0) Views: 306 Phoenix & Southwest News, Southwest News

Oak Coast Claims Colorado Springs MF for $37M

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Los Angeles-based Oak Coast Properties acquired Cottonwood Terrace, a 200-unit apartment community located in Colorado Springs, CO, for $37.25 million. The garden-style community is comprised of 20 buildings of two and three stories set on an 8.27-acre site.

Unit floorplans span one- and two-bedroom options and feature large open kitchens, balconies, patios, large closets, as well as wood burning fireplaces and views of Pike’s Peak in some units. Originally built in 1983, 52% of the rental units have undergone upgrades. The remaining units, still in their original condition, represent an upgrade opportunity for Oak Coast Properties.

The firm is planning a $1.5-million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units. Oak Coast Properties’ portfolio now exceeds 5,129 units under management, exceeding $1 billion in valuation.

JLL’s Jordan Robbins, Mack Nelson and Chris White represented the seller, Peak Capital Partners. JLL’s Charles Halladay, Brock Yaffe and Rick Salinas arranged the acquisition financing.

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