By Alexandra Pacurar
Denver—Oak Coast Properties purchased Pembrooke on the Green Apartments in Denver, for $129 million, marking the company’s largest deal to date. The 959-unit rental community is located at 10700 E. Dartmouth Ave. in Southeast Denver and consists of 37 three-story buildings offering a mix of studios, one- and two-bedroom floorplans. HFF secured the buyer with a $103 million Freddie Mac loan for the transaction, while Miami-based Pensam Residential provided a portion of the equity financing. BLDG Management will manage Pembrooke on the Green.
The property, built between 1974 and 1980, offers a barbecue and picnic area, business center, carports, two clubhouses, community kitchen, dog park, fitness center, two heated swimming pools, sauna, laundry rooms, playground, soccer field, splash park and walking path. In-unit amenities include central air conditioning, fireplaces, walk-in closets, cable TV hookups, garbage disposals and frost free refrigerators. Occupancy rests at 95 percent as of September, while average monthly rents hover around $1,087, according to Yardi Matrix.
Oak Coast Properties announced it will invest roughly $2 million in capital improvements at the property. This entails upgrades to landscaping and outdoor furniture, parking lot, but also concrete, roof and stair repairs. Some exterior facilities are also scheduled for modernization, as well as the electrical and the plumbing systems.
“This asset continues OCP’s tradition of identifying, acquiring and adding value to superior assets acquired with conservative underwriting and superior management and producing above market risk-adjusted returns for our investors,” Phillip Nahas, Oak Coast Properties co-founder & managing partner, said.
Pembrooke on the Green is situated in a fast developing area, just north of the junction between interstates 225 and 25. Four projects totaling more than 1 million square feet of office space are currently under construction in the southeast quadrant of Denver.
This deal brings Oak Coast Properties’ Denver portfolio to 2,300 units.
Image courtesy of Yardi Matrix