Oak Coast Properties Expands Denver Portfolio
- Nov 13, 2018
The Berkeley at Regis, a 127-unit community in Denver, has changed hands. Oak Coast Properties acquired the asset for $30.8 million, or $242,125 per unit from Fifteen Group, Yardi Matrix data shows. HFF worked on behalf of the buyer and procured a $22 million acquisition loan. BLDG Management will manage the property.
Located at 4703 W. 52nd Ave., a few blocks from Regis University, the 16 two- and three-story buildings offer convenient access to Interstate 70, Highlands, downtown Denver and Sloan’s Lake. Additionally, Tennyson Street which includes a variety of restaurants, cafes and local businesses is nearby.
Berkeley at Regis features a mix of two-, three- and four-bedroom units ranging from 775 to 1,497 square feet. The pet-friendly community includes common-area amenities such as:
- barbecue area
- swimming pool
- picnic area
- fire pit
- hot tub
“Employers and consumers continue to relocate to Denver’s metro, but housing still fails to keep up with the influx,” Phillip Nahas, managing partner of Oak Coast Properties, said in a prepared statement. “Our firm views these dynamics as proof that improving Denver’s older apartment stock is both a benefit to the community and a really great investment.”
Charles Halladay and Rick Salinas were part of HFF’s debt placement team that secured the loan through Freddie Mac’s Capital Markets Execution program. Jordan Robbins of the company’s Denver office was part of the investment advisory team that marketed the community.
Image courtesy of Yardi Matrix