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12/26/17
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A venture of Security Properties (SP) and funds managed by Oaktree Capital Management L.P. purchased The Lodge on 84th, a 300-unit, Class B multifamily property located in Federal Heights, CO, for $46.5 mil ($155k/unit). The property is located at 1327 W 84th Ave, within the northern suburbs of the Denver Metro, situated between the Westminster and Thornton submarkets.
Federal Heights is largely recognized for its affordability, accessibility, and proximity to major demand drivers. The property is a short drive from local employment centers in the cities of Westminster and Thornton and offers easy access to several major arterial transit routes connecting to Denver's largest employment hubs.
The Lodge on 84th is a garden-style apartment community constructed in 1973. The property consists of 300 units spread out across 25 residential buildings on over 11 acres.
The units feature a mix of studio, one-bedroom, two-bedroom, and townhome floorplans (approximately 20% of all units). All units feature private patios/balconies, fireplaces, and black/stainless appliances in the kitchens. Additionally, the property offers a comprehensive amenity package consisting of a swimming pool, a clubhouse containing a fitness room and a business center, a basketball court, and a dog park.
The property offers an attractive value-add opportunity through moderate interior and exterior renovations. Given the recent ownership changes, the property features multiple levels of renovations, but units generally consist of white cabinet faces, vinyl flooring in wet areas, new carpeting, black appliances, and brushed nickel hardware. SP will be continuing these renovations efforts as well as upgrading resident common areas/amenity spaces and improving the aesthetic and physical condition of the residential buildings.
SP currently owns affordable housing properties throughout metro Denver. The Denver MSA is a thriving market with the lowest unemployment rate in the country, a diverse mix of industries and employers, and a rapidly expanding population in its second ring.
The property will be managed by Security Properties-affiliate Security Properties Residential.
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