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Oak Coast Properties buys Aurora, Colo., apartment complex for $143M

Los Angeles-based real estate company Oak Coast Properties bought a 688-unit apartment community in Aurora, Colo., from JRK Property Holdings for $143 million, the Denver Business Journal reported.

Oak plans to spend $2.5 million renovating The Courtyards at Buckley, a multifamily complex, as part of its value-add strategy. It will add new washer and dryer units leasable to tenants, landscaping and amenity upgrades, a new dog park, and additional maintenance, the news outlet said, citing the company.

The property at 2134 S. Richfield Way in Arapahoe County comprises 563,932 square feet of rentable space across mostly one- and two-bedroom units in 34 buildings. The community includes two swimming pools, a clubhouse, a fitness center and a business center, the publication noted.

Oak took out a loan from Freddie Mac through JLL for the purchase. It will be serviced by Holliday Fenoglio Fowler LP, a JLL company.

Colorado-based Echelon Property Group will manage the apartments.

Freeman Freeman Smiley provided legal counsel on the deal.