BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, continues to expand its national multifamily portfolio with its purchase of the Sterling Town Center. In partnership with Turnbridge Equities and Abacus Capital, BMC Investments purchased the 339-unit community from American Landmark.
The value-add community, located at 7880 Triangle Promenade Drive in Raleigh, North Carolina, marks a significant milestone as BMC enters the North Carolina market.
“This acquisition represents a key step in BMC’s long-term growth strategy as we enter the fast-growing Raleigh market,” said Matt Joblon, co-founder and CEO of BMC Investments. “Sterling Town Center provides a strong foundation for our presence in North Carolina and aligns with our value-add investment strategy.”
Built in 2013, Sterling Town Center features a mix of three- and four-story buildings and offers a robust amenity package, including a resident lounge, gym, swimming pool and playground. As part of its investment strategy, BMC and its partners will implement an exterior capital improvement plan that includes painting, landscaping, parking lot enhancements and upgrades to community amenities. A portion of the interior units also will be renovated.
Sterling Town Center is well-positioned in one of Raleigh’s most dynamic submarkets, offering residents convenient access to retail, dining and major employment hubs.
In Denver, BMC is developing Cherry Lane, the largest redevelopment site in Cherry Creek North. Cherry Lane will comprise 379 multifamily units and 59,063 square feet of office space, as well as 132,665 square feet of sought-after high-end ground floor, second-floor mezzanine and rooftop retail and restaurant spaces within a vibrant, walkable urban core.
BMC Investments is a highly disciplined, vertically integrated real estate investment firm generating industry-leading returns through acquisition, development and management of various property types throughout the U.S. BMC focuses its investment strategy on creating long-term value in its assets and generating strong risk-adjusted returns.
