Aurora Apartments Sell for $65M
- Oct 22, 2015
An apartment community comprising 584 units has changed hands in a $65 million off-market deal.
Oak Coast Properties of Los Angeles, together with BMC Investments, has acquired the 14-acre Liberty Creek apartment community, located at 13100 E. Kansas Drive in Aurora, Colo. According to data from Yardi Matrix, the sale was subject to a $49.5 million Freddie Mac loan, arranged by Brock Yaffe of HFF, due in November 2025.
The 34-year-old asset comprises 584 one- and two-bedroom units across 42 two-story buildings, and is nearing 100 percent occupancy. The pet-friendly property is close to a plethora of attractions, including Aurora Town Center, the newly developed Market Square, Anschutz Medical Campus, Denver International Airport, and Kaiser Center Pointe. In addition, the community will also benefit from its proximity to a new I-225 Rail Line station scheduled to open in 2016, which will connect it to downtown Denver, University of Colorado Denver, and the Denver International Airport.
Liberty Creek Apartments offers its residents access to a variety of amenities, including: five basketball courts; three swimming pools; business and fitness centers; three playgrounds; sand volleyball court; covered parking; laundry facilities; and on-site security patrol. Oak Coast and BMC plan to invest approximately $3 million in extensive property renovations and upgrades throughout the property. BLDG Management, a division of BMC, will serve as property manager.
“This quality apartment acquisition brings our current Denver apartment portfolio to more than 1,000 units,” Phillip Nahas, managing partner at Oak Coast, said in a statement. “The asset offers strong upside potential, to be achieved in part through a multi-tiered property renovation aimed at improving the overall rental experience and maximizing rental rates.”
Image courtesy of Oak Coast Properties