 |
| Brock Yaffe |
Los Angeles, CA – Oak
Coast Properties and BMC Investments announced the $50.8 million acquisition of
The Artisan Townhomes and Apartments
in Denver, Colorado.
Oak Coast Properties will
employ a value-add investment strategy to the multifamily community asset via
the completion of a robust $2.5 million property renovation and repositioning
effort aimed at improving interiors, exteriors and amenities.
Oak Coast Properties has
also announced its plans to invest $300 million in the multifamily sector in
2016, with The Artisan acquisition the first in a series of investments made to
meet that goal.
“This acquisition marks an
important milestone as it signifies more than $500 million invested in
multifamily and hotel real estate assets in three years,” said Phillip Nahas, Oak Coast Properties’
Managing Partner.
“The Artisan also grows
our Denver apartments portfolio to over 1,500 units and provides an opportunity
for significant upside potential through a renovation plan that capitalizes on
rising rental rates, unit demand and lack of new supply in this in-demand
region.”
 |
| Charles Halladay |
The Artisan encompasses
434 units offered in a mix of one-, two-, and three-bedroom floorplans.
BLDG Management, the
property management company affiliated with BMC Investments, will manage The
Artisan.
Brock Yaffe and Charles Halladay of HFF’s debt placement team assisted in securing a
$41.89 million loan for the buyer through Freddie Mac’s CME Program. The
securitized loan will be serviced by HFF through its Freddie Mac Program Plus®
Seller/Servicer Program.
Jordan Robbins
and Jeff Haag of HFF’s investment
sales team represented the seller, Peak Capital Partners, in the sale.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
Julie Fornaro
562.587.3957
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