DENVER — Oak Coast Properties and BMC Investments have purchased a three-property multifamily portfolio in Denver from an undisclosed seller for $177 million. The buyers plan to renovate and rebrand the existing properties — Timberline Apartments, Woodhaven Apartments and Westwood Apartments — as one large community named Ivy Crossing.
Originally built between 1974 and 1977 and situated on 45 acres, the properties offer a combined total of 1,023 units. The buyers plan to improve and centralize the combined community leasing center, renovate a formerly shuttered, 5,000-square-foot clubhouse and amenity center, and enhance landscaping and property exteriors, as well as handle deferred maintenance issues.
Charles Halladay, Brock Yaffe and Rick Salinas of HFF arranged 15-year, full-term, interest-only $120 million loan through Freddie Mac’s Optigo Social Impact initiative for the acquisition. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the transaction.
The acquisition marks the ninth and largest investment partnership between Oak Coast Properties and BMC, as well as the 11th Oak Coast Properties assignment for BLDG Management, the property management affiliate of BMC.