Oak Coast pays $129m for Denver apartment property
Oak Coast Properties has purchased an apartment complex in Denver for $129 million. This deal brings Oak Coast’s Denver portfolio to 2,300 units, and it is the company’s largest deal to date.
Pembrooke on the Green Apartments is a 959-unit rental community located at 10700 E. Dartmouth Ave. in Southeast Denver and consists of 37 three-story buildings. Oak Coast plans to invest $1.9 million for improvements to the property, and BLDG Management will manage the asset.
The Denver apartment market has had strong fundamentals, attracting investors to the region. The Oak Coast deal follows the acquisition by Pensam Residential, BH Equities and Wafra Capital Partners of The Breakers Resort in Denver, a 1,523-unit apartment complex in Denver, for $350 million or nearly $230,000 per unit.
An influx of millennials will account for a fourth of metro population growth and contribute to substantial net absorption, according to Marcus & Millichap'