Denver-based BMC Investments along with California-based Oak Coast Properties have purchased the 584-unit Liberty Creek Apartments in Aurora for $69 million. The property is located at 13100 East Kansas Drive, which is approximately a quarter of a mile to the southwest of the intersection of I-225 and East Mississippi Avenue.
Holliday Fenoglio Fowler, L.P. (HFF) arranged $49.5 million in financing for this transaction and worked on behalf of the Borrower, BMC Investments.
“Liberty Creek made for an ideal opportunity to purchase, reposition, own and operate the property for the long-term, which is consistent with our business plan,” said Matthew Joblon, Chief Executive Officer for BMC Investments.
The HFF debt placement team representing BMC was led by associate director Brock Yaffe.
“Working with Brock Yaffe and the HFF team made for a seamless loan process on what was a very complicated transaction. We value the relationship with HFF and are excited about owning another asset in the central Aurora submarket,” stated Joblon.
The property has 42 two-story buildings that house one- and two-bedroom units ranging from 653 to 882 square feet. Community amenities include three heated swimming pools, basketball and tennis courts, fitness center, playground, grilling areas, business center and clubhouse.
Belgrade Enterprises was the seller in this transaction.
BMC plans to invest in upgrades to the property.
The 218-unit Steele Creek apartments that was recently completed in Denver’s Cherry Creek North neighborhood at 1st Avenue and Steele Street, and the 155-room hotel that is under construction between 2nd and 3rd Avenue on Columbine Street–also in Cherry Creek, are projects developed by BMC.