Oak Coast Properties also reports that the deal marks the 11^th Oak Coast Properties' assignment for BLDG Management, the property management affiliate of BMC.

Holliday Fenoglio Fowler arranged a 15-year, full-term I/O $120-million financing for the acquisition through Freddie Mac's Optigo Social Impact initiative.

With the Ivy Crossing portfolio now in hand, Oak Coast Properties, which has been aggressively expanding its Denver multifamily portfolio, has increased its portfolio in Denver to more than 5,000 units valued at more than $1 billion.

“This acquisition represents a true one-of-a-kind opportunity within metro Denver to reposition three individual legacy assets and to create critical mass by combining them into one of the largest in a region where housing is in high demand,” says Phillip Nahas, managing partner of Oak Coast Properties. “Not only is the upside potential of this value-add portfolio substantial, but these apartments will provide improved housing options for Denver's workforce.”

“As our single largest takeover to date, Ivy Crossing marks a major milestone in our commitment to improving workforce housing in the Denver metro area,” adds Matt Joblon, CEO of BMC Investments. “Not only does it demonstrate our ability to execute an extremely complicated transaction—combining three properties into one to create one of the largest multifamily assets in Denver—but it also further solidifies the strong partnership between Oak Coast Properties, BMC Investments and BLDG Management.”

The Ivy Crossing properties, originally built between 1974-1977, are located less than 10 minutes from the Denver Tech Center business corridor near the intersection of South Quebec Street, one of Denver's main north-south thoroughfares, and East Yale Avenue.

BMC Investments and Oak Coast state that return on investment will be driven through a planned more than $5-million capital improvement program that will focus on exterior and amenity components that have not been upgraded in more than 40 years. Specific upgrade efforts will include: improvements and centralization of the combined community leasing center; full renovations to a formerly shuttered 5,000-square-foot clubhouse and amenity center; enhancements to landscaping and property exteriors and the handling of some deferred maintenance issues.

Terrance Hunt, vice chairman Newmark Knight Frank in Denver and Shane Ozment, vice chairman of NKF, represented an undisclosed seller in the deal.

The HFF team that arranged the Freddie Mac loan on behalf of Oak Coast and BMC was led by senior managing director Charles Halladay and directors Brock Yaffe and Rick Salinas in the transaction.