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| Pamela Koster |
Los Angeles, CA – Oak Coast Properties announced the $123.5 million acquisition of ArtWalk Apartments at City Center, a best-in-class 438-unit transit-oriented apartment community located in Englewood, Colorado.
 |
| Jordan Robbins |
The purchase highlights Oak Coast Properties’ continued bullish stance on investment in rental housing within Colorado’s major metropolitan markets, where demand for rentals outpaces supply.
“ArtWalk
Apartments is an exceptional community that offers renters a value-oriented
alternative to options in central Denver, where prices are much higher,” says Phil
Nahas, managing partner of Oak Coast Properties. “The quality and location
of this asset, in a supply-constrained submarket, make it an attractive
acquisition for us.”
Nahas adds: “We plan to complete the prior owner’s upgrade plans to optimize the marketability of all units within the community.
"Apartments are harder to come by in this submarket, while employment and the population both continue to trend upward, thus quality housing options are needed here.”
 |
| Charles Halladay |
The
firm is planning a $4.4 million renovation as part of a continued community
value-add investment strategy aimed at enhancing the apartment units and
amenities for the region’s renters.
With
the purchase of ArtWalk Apartments, Oak Coast Properties’ multifamily portfolio
now exceeds 4,608 units under management, with over $1 billion in valuation.
ArtWalk
Apartments at City Center is superbly located in one of metro Denver’s most
desirable suburban submarkets.
The transit-oriented community is positioned
directly adjacent to the RTD Light Rail Englewood Station, providing easy
access to many points within the city.
The
community’s neighborhood offers a suite of amenities encompassing recognized
national brands, as well as locally owned shops and restaurants in nearby
downtown Englewood.
 |
| Brock Yaffe |
Additionally, residents of the community enjoy easy access to local employment hubs such as Swedish Medical Center, Craig Hospital, Porter Adventist Hospital and University of Denver, as well as to downtown Denver and the Southeast Business Corridor.
A
mixed-use community, ArtWalk Apartments is grounded with 15,329 square feet of
streel-level retail space and amenities.
Apartment units average 919 square feet and the community is currently 95% occupied.
ArtWalk Apartments features a robust suite of shared amenities including: an
onsite business center, conference room and cyber café; highly amenitized
clubhouse; swimming pool and spa; courtyard with patio seating; 24-hour fitness
center with yoga studio; and an art studio.
 |
| Rick Salinas |
Originally built in 2001, ArtWalk has recently undergone a renovation of a portion of the units under the prior owner.
Oak Coast Properties is planning to complete
enhancements to the remaining units, in addition to upgrading the community’s
amenities with the addition of new secure delivery package lockers, dog park,
pet washing station, the firm will also make some adjustments to existing
amenities.
JLL
Capital Markets, a full-service global provider of capital solutions for
real estate investors and occupiers, arranged a Freddie Mac Optigo® loan in the
amount of approximately $87 million on behalf of Oak Coast Properties for the
acquisition.
Financing
was led by senior managing director Charles Halladay, senior director Brock
Yaffe, director Rick Salinas, and analyst Matt Cimino.
Jordan Robbins and Pamela Koster, managing directors with JLL, represented the seller in the transaction.
“Artwalk’s
appeal is its location, which feels suburban but still offers a number of urban
attributes such as walkability to grocery shopping, restaurants and other local
retail,” says Robbins.
“These factors, coupled with the strength of
the Denver market over the past several months, led to exceptional interest in
this asset from potential buyers.”
Echelon
Property Group, one of Colorado’s leading apartment management
companies, will manage the community.
Contacts:
Kimberly
Steele
Senior
Associate, Public Relations
JLL
Capital Markets
9
Greenway Plaza, Suite 700
Houston,
TX 77046
T
+1 713 852 3420
M
+1 832 244 9994
Julie
Fornaro
JMF
Communications
562.587.3957
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