Oak Coast Properties, based in sunny Southern California, recently announced the $143 million purchase of The Courtyards at Buckley in Aurora, Colo., from JRK Residential. Financing was secured through a Freddie Mac loan arranged by a JLL team led by senior managing director Charles Halladay.
Echelon Property Group, one of Colorado’s leading apartment management companies, will manage the community. The 688-unit apartment complex includes 34 buildings on a 29.87-acre site about 20 miles southeast of downtown Denver.
“Denver continues to outshine other markets with opportunities for investment in rental housing,” says 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.”
The property is located near several major employment centers, including Buckley Air Force Base, which employs nearly 12,000 people. Raytheon, Northrop Grumman, Lockheed Martin, and Boeing also have facilities nearby.
The complex was built in 1984 and has been renovated in varying degrees over the years. The unit mix in the garden-style community includes 308 one-bedroom, 368 two-bedroom, and 12 three-bedroom units. Amenities include a playground, covered parking, balconies, a clubhouse, a fitness center, two swimming pools, and a business center.
Oak Coast is viewing the buy as a value-add proposition and is planning on $2.5 million in improvements. The upgrades will include enhanced building aesthetics, new washer and dryer units, landscaping, a dog park, and improved stairs. Counting this latest addition, Oak Coast has invested $320 million over the past 12 months in the Denver area.
