Security, Oaktree Buy $47M Colorado Asset
- Dec 29, 2017
Security Properties and Oaktree Capital Management LP has acquired The Lodge on 84th, a 300-unit community in Federal Heights, Colo., for $46.5 million. This transaction marks the JV’s fourth property acquired together. Security Properties Residential will manage the asset.
Located at 1327 W. 84th Ave., within the northern suburbs of the Denver metro, the property offers convenient access to major transit routes connecting to Denver’s largest employment centers. The Class B, garden-style community features a mix of studios, one- and two-bedroom units ranging in size from 495 to 950 square feet.
The 28 two-story buildings feature in-unit amenities such as dishwasher, washer/dryer, balcony or patio and fire places. Built in 1973, the property includes the following common area amenities:
- fitness center
- business center
- basketball court
- swimming pool
- three laundry facilities
- 426 parking spaces
- barbecue and grills area
- dog park
According to data provider Yardi Matrix, the community had an average rental rate of $1,238 as of November.
Image courtesy of Yardi Matrix