Oak Coast Properties Sells $163M Pembrooke Property in One of 2020’s Largest Apartment Deals
Bridge Investment Group has purchased Pembrooke on the Green Apartments in Denver for $163 million, marking one of the largest apartment community sales in Denver by value in 2020. Owner, Los Angeles-based Oak Coast Properties, originally purchased the community—one of the largest in Denver encompassing 959 units—in 2016 and deployed an extensive renovation plan to the property as part of its value-add investment strategy.
“Pembrooke on the Green is one of the largest multi-family assets in the Denver metropolitan region” says Phil Nahas, managing partner with Oak Coast Properties. “We purchased the community understanding it represented a premier investment opportunity in a city where demand for quality housing continues to exceed supply. As a strong cash flowing asset, our investment in Pembrooke on the Green helped us realize a doubling of our equity during our ownership.”
Pembrooke on the Green is one of many apartment community acquisitions within metropolitan Denver and Colorado Springs that Oak Coast Properties has completed in recent years. Notable asset acquisitions include: the $37.25 million purchase of Cottonwood Terrace Apartments in Colorado Springs in July 2020; the $143 million purchase of Courtyards at Buckley in Denver in January 2020; and the $177 million purchase of Ivy Crossing apartment portfolio in Denver in March 2019.
“Denver’s aging apartment housing supply has represented an ideal investment target for us as we specialize in the rehabilitation and repositioning of assets as a means for attracting regional renters, bringing lease rates up to market value and, ultimately, generating ROI,” says Nahas. “We will continue to seek out similar opportunities and expect apartment demand among renters to remain high, even during the economic downturn posed by the COVID-19 pandemic.”
Originally built during the 1974–1980 period, Pembrooke on the Green is located at 10700 E. Dartmouth Avenue in Southeast Denver just north of the I-225/I-25 junction. The community’s units are set within 37 three-story buildings and offered as a mix of studios, one-bedroom and two-bedroom units.
“When we acquired this property, we understood the upside potential achievable through a comprehensive renovation plan,” adds Nahas. “Since that time, we successfully completed $1.9 million in upgrades spanning everything from signage and landscaping to mechanical and plumbing repairs. With these improvements and the community’s strong occupancy numbers, we are truly passing along a premier property to the buyer.”
Newmark Knight Frank (NKF) Vice Chairmen Terrance Hunt and Shane Ozment represented Oak Coast Properties in the transaction.