Denver-based BMC Investments (BMC), a vertically integrated real estate investment firm specializing in the acquisition and development of various property types, completed over $1.6B in transaction volume in 2021, marking it as one of the company’s most successful years to date. Most notably, deals included a recapitalization of one of BMC’s workforce housing communities, Villas at 76th; the refinancing of the newly developed Clayton Members Club & Hotel; and the sale of Moxy Cherry Creek.
Moving into 2022, BMC is switching its focus from hospitality to attainable housing. The firm has secured over $700 million in development projects for both its urban infill strategy and its new suburban attainable housing strategy that will include single-family for-rent homes and three-story garden apartments.
In July, BMC began the construction of Canyonside Apartments, a new, 325-unit multifamily community located within Canyonside at Castle Pines, the mixed-use neighborhood within the Canyons master-planned community in Castle Pines. The property will be one of the only rental options in the community and is expected to deliver in summer 2023.
“We came into 2021 with a focus on positioning BMC as an industry-leading real estate investment firm, expanding into new markets and strategies with new equity partners in order to facilitate our growth plan to reach $5B in AUM over the next five years,” said Jeffrey Stonger, chief investment officer for BMC Investments. “The transactions this year were instrumental to executing on our growth plan, and we are now heading into 2022 with even more transactions anticipated this year.”
BMC also partnered with DRA Advisors, a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, to recapitalize Villas on 76th, a workforce housing apartment community located in Adams County, north of the Boulder turnpike. This recapitalization was BMC’s fourth deal with DRA in 2021 and aligns with the company’s larger strategic plan to partner with institutional equity groups in order to continue growing assets under management (AUM). BMC will implement an extensive interior and exterior renovation plan while continuing to operate the property long-term.
Additionally, BMC had several other notable milestones with its projects in 2021, including the delivery of 240 St. Paul, its new 76,000-square-foot, six-story commercial building in Cherry Creek North; executing nearly $800 million of recapitalizations for its multifamily properties with new institutional equity partners.