DENVER, CO - Oak Coast Properties, a real estate investment firm focused on core plus, value-add and opportunistic real estate acquisitions across the United States, announced today they have acquired a majority interest of Villas on 76th, a 384-unit workforce housing apartment complex in Denver. The current owner, Cherry Creek-based BMC Investments, will maintain a minority interest in the project.
The $52.5M deal is being financed by HFF, a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. Oak Coast Properties will control a majority interest in the project while BLDG Management, an affiliate of BMC Investments, will retain management and continue to operate the property. This is the fifth investment partnership between Oak Coast Properties and BMC and the sixth Oak Coast Properties management assignment for BLDG Management.
"With the acquisition of Villas on 76th, our portfolio in Denver will total over 3,000 units,” said Phillip Nahas, Co-Founder and Managing Partner of Oak Coast Properties. “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."
Located north of the Boulder Turnpike, Villas on 76th offers 384 apartment homes as well as community amenities including a playground, pet park, swimming pool and newly renovated clubhouse. BMC acquired Villas on 76th in 2013 and made substantial investments in renovating much of the deferred maintenance as well as updating the look and feel of the community. Oak Coast Properties and BLDG Management are aligned in their commitment to providing residents with an outstanding rental experience as well as continuing improvements to the community.
“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,” said Nahas.
About Oak Coast Properties: Oak Coast Properties is a real estate investment firm primarily focused on core plus, value-add and opportunistic real estate acquisitions across the United States. OCP’s current platform provides for investment in direct deals as well as joint venture investments with likeminded JV operating partners. Headquartered in Los Angeles, the firm is aggressively targeting well-positioned properties across the Southeast, Pacific Northwest, and Western United States for acquisition. For more information, visit www.oakcoastproperties.com
About BMC Investments, LLC: Denver, Colorado based BMC Investments (BMC) is a diversified and vertically integrated real estate investment company specializing in the development, acquisition, and management of properties across various asset classes and geographies. BMC focuses its investment strategy on creating long-term value in its assets and generating strong risk-adjusted returns. BMC has developed approximately $500 MM in projects and owns and operates, in partnership with its affiliate, BLDG Management, approximately 5,000 multifamily units and 200,000 SF of commercial space. To learn more, visit www.bmcinv.com
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit www.hfflp.com or follow HFF on Twitter @HFF