Oak Coast Boosts Denver Multifamily Portfolio
Oak Coast Properties acquired the Retreat at Water’s Edge, a 252-unit apartment community in Denver, from Griffis Blessing for $54.5 million. The multifamily community is situated southeast of Downtown Denver at 9999 E. Yale Ave.
Oak Coast Properties’ Phil Nahas says, “Retreat at Water’s Edge is an ideal purchase for us as it’s a quality-built community with significant CapEx improvements made to it by the previous owner.” The company is planning to invest $2.2 million in renovations aimed at improving the marketability of both units and amenities.
Originally built in 1985, the property has six buildings over underground parking. The community features a suite of shared amenities including package delivery lockers, a business center and community room, outdoor pool and spa, clubhouse and water features.
Newmark’s Terrance Hunt and Shane Ozment represented the seller. JLL Capital Markets’ Charles Halladay, Brock Yaffe, Rick Salinas and Matt Cimino arranged a $38.15-million Freddie Mac Optigo acquisition loan on behalf of the buyer.
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