FCP® announces its third Colorado multifamily acquisition in less than two months with the $114 million joint venture recapitalization with BMC of Aurora Meadows, a 461-unit apartment community at 777 Dillon Way in Aurora, CO. With the Aurora Meadows investment, FCP’s Colorado multifamily portfolio includes three apartment communities with a total of 1,736 units.
“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.”
“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. 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 execute that vision and deliver on our commitment to these communities.”
Aurora Meadows is well-located in Aurora, near one of Denver’s largest employment centers with easy access to main Denver thoroughfare, I-225. The community is blocks from the new Fitzsimons Light Rail stop, Fitzsimons Medical Campus, and abundant retail and dining amenities. Aurora Meadows features a mix of studio, one- and two-bedroom apartments with convenient on-site amenities.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
BMC Investments (“BMC”) is a highly disciplined, vertically integrated real estate investment manager generating industry-leading returns through acquisition, development, and property 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. The company is able to outperform its peers by (i) attracting, retaining and developing high caliber individuals in the right roles, (ii) identifying attractive multifamily investments, (iii) maintaining a measured and disciplined investment process with rigorous focus on risk management, and (iv) utilizing best-in-class operating systems and processes. To learn more, visit www.bmcinv.com.