Workforce Housing Property in Aurora to Undergo $12M Renovation
Marking the second venture in as many months, BMC Investments (BMC), a Denver-based vertically-integrated real estate investment manager specializing in the multifamily sector, announced today the recapitalization of Aurora Meadows, a workforce housing community, with FCP®, a Maryland-based privately held real estate investment company. BMC will continue to provide asset management and property management services to oversee an extensive $12 million renovation plan to reposition the community.
“We are excited to add another investment to the growing relationship with FCP,” said Jeff Stonger, chief investment officer of BMC Investments. “This partnership with FCP is very synergistic and allows both groups to grow and scale across new markets and strategies together.”
Aurora Meadows is centrally located, blocks from the new Fitzsimons Light Rail stop, Fitzsimons Medical Campus, I-225, and abundant retail and dining. Aurora Meadows features a mix of studio, one- and two bedroom apartments with convenient on-site amenities.
In May, BMC and FCP commenced their partnership with the recapitalization of Ivy Crossing, a 1,023-unit apartment community in Arapahoe County. Combined, these two partnerships represent 1,484 units and a total of $35 million in planned capital improvements. Consistent with BMC’s long-term investment strategy and focus on serving the communities in which it invests, the extensive interior unit renovations and exterior upgrades at both assets are aimed to revitalize the properties and enhance the communities for current and future tenants.
“Expanding our portfolio in Colorado with BMC strengthens our market position alongside an existing partner,” said FCP’s Bart Hurlbut. “Together we will oversee a $12 million renovation plan for the property, modernizing units and common areas and improving several amenities.”
“BMC is highly focused on delivering high-quality, but affordable workforce housing options in the neighborhoods in which we invest,” added Stonger. “With FCP as our capital partner, we are able to execute that vision and deliver on our commitment to these communities.”