LOS ANGELES, CA – Oak Coast Properties, an active owner, developer and manager of multifamily real estate, today announced a recent series of acquisitions totaling $42 million. The transactions include two apartment communities located in the Northern California market of Rohnert Park, California as well as a host of assets located in Southern California. The purchases also reflect Oak Coast Properties’ aggressive pursuit of value add apartment communities and coincide with the firm’s stated plans to acquire an additional $150 million in multifamily properties through June 2014.
“Multifamily is the darling of the commercial real estate industry right now and we expect this sector to perform well for another three to five years,” said Oak Coast Properties Co-Founder and Chief Executive Matthew Heslin. “These acquisitions demonstrate our commitment to the multifamily sector and the continued growth of our portfolio, as well as our investors’ commitment to our company and acquisition plans.”
In the largest of recent acquisitions, Oak Coast Properties purchased two apartment communities for $22.9 million from Big Green River Properties Series. Totaling 202 combined rental units, 400 Santa Alicia Drive and 333 Enterprise Drive are two apartment communities located in the heart of scenic Rohnert Park, Calif. The remaining 10 properties acquired are located in Southern California and are consistent with the firm’s strategy of acquiring and repositioning class B and C assets.
“These recent acquisitions follow a steady continuum of multifamily community purchases within our apartment portfolio” said Oak Coast Properties Co-Founder and Managing Partner Phillip Nahas. “We are looking to purchase up to $150 million in new acquisitions over the next twelve months as we continue to capture opportunities in this sector.”
Oak Coast Properties is actively pursuing multifamily community acquisitions within the western states of California, Arizona, Washington, Oregon and Utah, in addition to Colorado and Texas. The firm’s acquisition targets include class B and C properties for the implementation of a value add, long-term hold investment strategy emphasizing net operating income growth potential.
“Our investment strategy is designed to take advantage of the strong unit demand and rising rental rates resulting from continued distress in the for-sale home arena,” added Heslin. “We are also witnessing a trend among the younger generation who want to forego the responsibility of homeownership and instead rent in vibrant metropolitan markets. This is where we actively seek to acquire.”
About Oak Coast Properties: Co-founded in 2009 by Matthew Heslin and Phillip Nahas, Oak Coast Properties is a developer, owner and manager of multifamily properties. As an active purchaser of apartment communities, the firm applies a long-term investment approach to maximize the value inherent in each property holding. Oak Coast Properties is headquartered in Los Angeles, California.