JV Announces $40M Acquisition of Denver Community
- Feb 01, 2017
Denver—BMC Investments and Oak Coast Properties announced the $40.5 million acquisition of Timber Lodge Apartments in Thornton, Colo. The 390-unit community offers studio, one- and two-bedroom floorplans ranging from 530 to 1,000 square feet. Residents have access to amenities such as a fitness center, dog park, picnic areas with barbecue’s, three swimming pools, a soccer field, a playground and a business center. In-unit features include air conditioning, ceiling fans, walk-in closets and wood-plank flooring. Originally built in 1972, the property has had about $6.9 million in renovations and will have additional upgrades to the hallway paint, boiler work, parking, landscaping and amenity spruce-ups.
“The Timber Lodge Apartments acquisition is representative of the type deals we are actively seeking out in Denver as well as other MSA’s across the country with strong fundamentals,” Phil Nahas, managing partner of Oak Coast Properties, told Multi-Housing News. “Our firm has entered 2017 well capitalized for value-add multifamily opportunities and we will be aggressive in finding them.”
The community is located in close proximity to downtown Denver and 651,000 active jobs exist within a ten-mile radius of the community. Regional amenities, job centers and other destinations may be easily accessed via I-25, Highway 36 and Denver International Airport.
“As Denver’s population continues to climb at record speed and housing supply remains constrained, the opportunity to drive rent growth in quality communities such as Timber Lodge Apartments is strong,” added Nahas. “An estimated 25,000 new renters are driving up demand annually in Denver and no new affordable supply is coming online to meet it.”
Timber Lodge marks Oak Coast’s fifth acquisition in greater Denver and fourth partnership with BMC. The two companies have also jointly purchased Liberty Creek Apartments in Aurora, Colo. in a $65 million transaction as well as The Artisan Townhomes and Apartments in the southeast submarket of Denver in a $50.8 million transaction.
BLDG Management, an affiliate of BMC, will manage Timber Lodge. Brock Yaffe and Charles Halladay of HFF’s debt placement team assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program.
Image courtesy of Oak Coast Properties