DENVER—Oak Coast Properties and Redhill Realty Investors recently purchased One Dartmouth Place Apartments, a 418-unit apartment community located here in Denver. The multifamily, class C property was purchased from Angelo, Gordon & Co. for $30.6 million.
Matthew Heslin, Oak Coast Properties chief executive and co-founder, tells GlobeSt.com that the company entered the Denver market “because of the strength of its employment base. Unemployment is currently below 7%. Rent growth will be in excess of 4% for the foreseeable future and that works well for modeling purposes. Further the submarket where the property is located is exceptionally strong.”
The apartments are well located with access to major Denver job and transportation centers. Oak Coast Properties and Redhill Realty Investors will begin a $2.6-million upgrade to the community as part of a value-add investment strategy aimed at maximizing yield.
“One Dartmouth Place is a ideal acquisition for Oak Coast Properties,” Heslin adds. “As a superbly located property in a consistently top-rated city, the community will provide incredible upside potential once our planned renovations are complete.”
The One Dartmouth Place Apartments community is comprised of two studio, 362 one-bedroom and 54 two-bedroom units. Apartment features include air conditioning, dishwashers, frost-free refrigerators, garbage disposals, fireplaces, self-cleaning ovens, private balconies, and walk-in closets. Ample common area amenities include a newly remodeled clubhouse, two heated pools with sundecks, sauna, game room, fitness center, indoor racquetball court, outdoor sport court, children's playground, business center, and BBQ and picnic areas.
Planned renovations to the community include the addition of black appliances, new kitchen and bath counters, upgraded light fixtures, paint and flooring upgrades, as well as the creation of a new onsite dogpark. Oak Coast Properties has earmarked $2.6 million for the upgrades. These will augment $3.65 million in unfinished enhancements to some of the units and common area amenities completed by the previous owner prior to sale.
The community sits on a 10.6-acre site five miles northeast of Denver Tech Center, a generator of 150,000 regional jobs. The property is a 10-minute walk from the RTD Nine Mile Station, providing residents with direct light-rail access to some of Denver's major job centers and transportation corridors including Southeast Business Corridor, Downtown Denver, Fitzsimmons Medical Center and Denver International Airport. The property also enjoys easy access to Interstates 225 and 25.
Oak Coast Properties is an active investor/owner pursuing multifamily community acquisitions of class B and C properties for the implementation of a value add, long-term hold investment strategy emphasizing net operating income growth potential.
The firm also recently entered the hotel sector with the $5.9 million purchase of the Marriott Residence Inn hotel in Winston-Salem, NC. “Oak Coast Properties will be actively looking to acquire additional hotel properties with similar strong profiles, locations and upside potential,” Heslin adds. “The fundamentals in this sector are too strong to ignore.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
