AURORA, CO—BMCInvestments and Oak Coast Properties have spent $65 million to acquireLiberty Creek Apartments in Aurora. The multifamily property isstrategically located in the Denver metropolitanarea in a submarket boastingstrong rental growth, lack of new rental supply and continuedbarriers to entry for new development. BMC and Oak Coast acquiredthe asset in an off-market deal and plan to invest approximately $3million in an extensive property renovation and repositioningeffort.

“This quality apartment acquisition brings our current Denverapartment portfolio to more than 1,000 units,” said PhillipNahas, Oak Coast's managing partner. “The asset offersstrong upside potential, to be achieved in part through amulti-tiered property renovation aimed at improving the overallrental experience and maximizing rental rates.”

The 584-unit Liberty Creek Apartments currentlyexceeds 99% occupancy. The community offers renters a mix ofone-bedroom and two-bedroom floorplans. The apartments are laid outin two-story buildings totaling 453,055 squarefeet. Cable-ready units include washer and dryerconnections, central heat and air, dishwashers, balconies,oversized closets and ceiling fans. The pet-friendly communityfeatures five basketball courts, three swimming pools, a sandvolleyball court, three playgrounds, picnic and barbeque areas, afitness center, a clubhouse and business center, a laundryfacility, on-site security patrol and covered parking.