BMC Investments Recapitalize Denver Workforce Housing Property
BMC Investments (BMC), a Denver-based vertically-integrated real estate investment manager specializing in the multifamily sector, has partnered with FCP®, a Maryland-based real estate private equity fund manager for the recapitalization of Ivy Crossing — its largest multifamily asset. BMC will provide asset management and property management services to oversee an extensive $23 million renovation plan to reposition the asset.
“We are excited to form this strategic partnership with FCP,” said Jeff Stonger, chief investment officer of BMC Investments. “This transaction with FCP continues to drive BMC’s long-term investment strategy to acquire and/or recapitalize workforce housing communities with institutional partners in new and existing markets.”
Ivy Crossing is centrally located between downtown and the Denver Tech Center. The community is situated on 36 acres in the award-winning Cherry Creek School district and features studio, one-, two- and three-bedroom floor plans with quick access to I-25, I-225 and two Light Rail stations. At 1,023 apartments, Ivy Crossing is one of the largest workforce housing transactions in Denver over the last 18 months and marks FCP’s first multifamily investment in Colorado.
“We recognize the need for affordable workforce housing options in the Denver metro area and we feel it is our responsibility to create these environments for our residents and help better the neighborhoods in which we invest,” added Stonger. “This partnership with FCP furthers that commitment and provides the right capital structure to deliver on that vision.”
“FCP is excited to partner with BMC, an experienced Colorado multifamily owner and operator, as we continue to expand our investment profile in the western U.S. regions,” said FCP’s Vice President Bart Hurlbut. “Our business plan at Ivy Crossing will include building on BMC’s achievements to date with a $23 million capital and interior renovation program designed to improve the property and its attractiveness within its competitive set.”
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