October 22, 2020
Los Angeles-based Oak Coast Properties acquired ArtWalk Apartments at City Center in Englewood, CO for $123.5 million. The 438-unit transit-oriented apartment community at 801 Englewood Pkwy. was reportedly sold by CBRE Global Investors.
Oak Coast Properties’ Phil Nahas says, “ArtWalk Apartments is an exceptional community that offers renters a value-oriented alternative to options in central Denver, where prices are much higher.”
The Metro Denver property was built by Trammell Crow Residential in 2001 and is directly adjacent to the RTD Light Rail Englewood Station. The 95%-occupied asset has 15,329 square feet of streel-level retail space and amenities.
The new owner is planning a $4.4-million renovation as part of a continued community value-add investment strategy. Oak Coast’s multifamily portfolio now exceeds 4,608 units, valued at more than $1 billion.
JLL’s Jordan Robbins and Pamela Koster handled the sales transaction. JLL’s Charles Halladay, Brock Yaffe, Rick Salinas, and Matt Cimino arranged a roughly $87-million Freddie Mac Optigo acquisition loan.
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