Oak Coast Properties picked up its 12th Denver community with its $143 million purchase of the Courtyards at Buckley in Aurora.
With the acquisition of the Courtyards at Buckley, Oak Coast has completed $320 million in real estate purchases in the past 12 months in the Denver metro area.
“Denver continues to outshine other markets with opportunities for investment in rental housing,” said Phillip Nahas, managing partner of Oak Coast Properties. “The city keeps expanding its solid base of reputable employers and attracting tenants with jobs, amenities and an enviable lifestyle. There is significant demand from the region’s growing workforce for quality housing.”
Oak Coast plans a $2.5 million renovation to the property, which will improve it to help meet demand for quality apartments proximate to employment centers such as Buckley Air Force Base, Denver Tech Center and Fitzsimons, according to Oak Coast.
The 688-unit community, located at 2134 S. Richfield Way, comprises 563,932 square feet of rentable space across 34 buildings. The garden-style community sits on a 29.87-acre site.
The Courtyards at Buckley comprises 308 one-bedroom, 368 two-bedroom and 12 three-bedroom units. It features a playground, covered parking, balconies, clubhouse, fitness center, two swimming pools and a business center.
Built in 1984, all of the units within the community have been enhanced, to varying degrees, by previous owners. Based on the demand for, and performance of, fully upgraded units as well as continued demand for rentals in the area, The Courtyards at Buckley offers significant upside potential via additional upgrades to the community and its units, according to Oak Coast. Return on investment will thus be driven through a planned improvement plan, which will include enhanced building aesthetics, new washer and dryer units, landscaping and amenity upgrades, establishment of a dog park, stair and roof repairs, and maintenance repairs, for example, the firm added.
In addition to its location near employment centers, the property also is near the Iliff light-rail station and retail centers such as Iliff Crossing Shopping Center, Town Center at Aurora and Aurora City Place.
Shane Ozment and Terrance Hunt of Newmark Knight Frank Multifamily handled the transaction. JRK Property Holdings, according to public records sold the community.
Freeman Freeman Smiley provided legal counsel.
JLL’s Charles Halladay, Brock Yaffee and Rick Salinas arranged the Freddie Mac loan for the acquisition. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender.
Echelon Property Group will manage the community, which boosts Oak Coast Properties portfolio to more than 4,529 units under management and more than $860 in valuation.