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Investors Land Lakewood, CO MF for $78M
Los Angeles-based Oak Coast Properties and Denver-based BMC Investments acquired St. Moritz Apartments in Lakewood, CO from an affiliate of Los Angeles-based Lowe Enterprises Investors for $78 million. The 360-unit community at 1724 N Robb St. brings the Oak Coast Properties Denver portfolio to nearly 4,000 units.
Oak Coast Properties’ Phillip Nahas says, “We remain bullish on Denver, and this community signals our continued appetite for investment in this market.
ARA Newmark’s Shane Ozment represented the buyers in the transaction. HFF’s Charles Halladay, Brock Yaffe and Rick Salinas assisted in securing a $55 million acquisition loan for the buyers through Freddie Mac’s CME Program.
Originally built in 1986, St. Moritz Apartments sits adjacent to the Colfax Retail Corridor with proximity to light rail, Downtown Denver, regional amenities and employers. The acquisition marks the sixth investment partnership between Oak Coast Properties and BMC.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition