Denver Workforce Housing Commands $53M
- Sep 25, 2017
Oak Coast Properties has acquired the majority interest in Villas on 76th, a 384-unit workforce housing apartment community in Denver, from BMC Investments, for $52.5 million.
BLDG Management, an affiliate of BMC Investments, will retain management and continue to operate the property, keeping a minority interest in the ownership. HFF financed the deal.
“With the acquisition of Villas on 76th, our portfolio in Denver will total over 3,000 units,” Phillip Nahas, Oak Coast Properties’ co-founder & managing partner, said. “The multifamily market in Denver continues to outperform, giving us great confidence in our assets. BLDG Management operates our properties to the highest of standards and we look forward to continuing to work alongside them on this newest addition to our Denver portfolio.”
The deal marks the fifth investment partnership between Oak Coast Properties and BMC and the sixth Oak Coast Properties management assignment for BLDG Management.
Inside the community
Located at 2002 W 76th Ave., just north of the Boulder Turnpike, the property features 384 units. Community amenities include a swimming pool, pet park, playground and newly renovated clubhouse.
“With strong economic and real estate fundamentals that allow for sustained growth, we believe Denver is a great market with a long-term hold and we look forward to making additional strategic investments in the Denver multifamily market,” Nahas said.
BMC originally purchased Villas on 76th four years ago, and during that time made substantial investments in renovating and updated the community’s look.