November 9, 2018 Comments Off on Oak Coast Expands Denver MF Portfolio with $31M Buy Views: 2645 Colorado, National News, Southwest

Oak Coast Expands Denver MF Portfolio with $31M Buy

Los Angeles-based Oak Coast Properties acquired the Berkeley at Regis apartments community in Denver from Miami-based Fifteen Group for $31 million. The property is a 132,129-square-foot, 127-unit vintage community located at 4703 W. 52nd Ave. in the Berkeley / North Washington submarket of Northwest Denver.

Oak Coast Properties’ Phillip Nahas says, “This acquisition is attractive to us as it aligns nicely with our value-add multifamily investment strategy. Once the community is repositioned, we believe it will succeed in attracting numerous renters, as the units will provide high-quality living spaces with lease rates a bit lower than the newer nearby options.”

HFF’s Jordan Robbins arranged the sale of the property, and the firm’s Charles Halladay and Rick Salinas procured a $22 million loan financing the acquisition. The purchase increases Oak Coast’s Denver property portfolio to 4,226 units.

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