BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, and Rockpoint, a real estate private equity firm, today announced that construction has commenced on The Oasis Apartments, Cherry Creek, a luxury mixed-use development located in the heart of Cherry Creek North at 299 Milwaukee St. BMC and Rockpoint formed a partnership in April 2022 to purchase and develop the site.
The project, situated on one of the last large mixed-use development sites in the neighborhood, will comprise 177 luxury residential units, 28,000 square feet of high-end, ground-floor retail, and a 6,000-square-foot public park with fountains at the corner of Third Avenue and Milwaukee Street.
“We are excited to have secured construction financing from Bank OZK and begin construction of this transformative project in Cherry Creek North,” said Matt Joblon, founding partner and CEO of BMC Investments. “Alongside Rockpoint, we are thrilled to move forward with this trophy-level apartment development catering to residents who seek a best-in-class living experience in the Cherry Creek submarket.”
Site work at 299 Milwaukee has begun with vertical construction expected to start in February; completion is anticipated in early 2027. Designed by Shears Adkins Rockmore and constructed by The Beck Group, the apartment project will transform nearly the entire west side of Milwaukee between Second and Third Avenues. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are leasing the retail space.
“Rockpoint is pleased to partner with BMC and commence construction on this exciting new development in Cherry Creek,” said Aric Shalev, managing member and co-president at Rockpoint. “We believe this submarket is perfectly suited for this kind of luxury rental housing development, given its excellent location, high-end amenities and adjacent high-quality retail. We believe this will become a signature property in the Denver community.”
The Oasis — BMC’s fourth high-end, Class A multifamily development and 12th overall project in the submarket — is designed to meet the growing demand for apartments in Cherry Creek North and will feature best-in-class amenities including a rooftop pool, fitness center, co-working areas and resident lounge.
The start of the project follows BMC’s recent groundbreaking on Fitzsimons Gateway, a 210-unit affordable housing project in Aurora in partnership with Mile High Development; the acquisition of a Cherry Creek North building, which is the next phase of the Clayton Lane redevelopment, now renamed Cherry Lane; and 255 Fillmore, the development of a 100,000-square-foot office and retail building, which was recently completed in Cherry Creek North.
