FCP® announces its first equity multifamily acquisition in the Denver, CO market with the joint venture recapitalization with BMC of Ivy Crossing, a 1,023-unit apartment community at 2320 S. Quebec Street. Earlier in May, FCP announced its investment, with Lincoln Property Company, in the development of a 450,000 square foot life sciences campus near Boulder.
“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 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.”
“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,” said Jeff Stonger, Chief Investment Officer of BMC Investments. “This partnership with FCP furthers that commitment and provides the right capital structure to deliver on that vision.”
Ivy Crossing is well-located near I-25 and I-225 and two Light Rail stations and is convenient to retail and employment centers including the Denver Tech Corridor, Fitzsimons Medical Campus and the University of Denver. Ivy Crossing features studio, one-, two- and three-bedroom floor plans on 36 acres with courtyards, picnic areas and dog parks. Amenities include a fitness center, clubhouse with an entertainment atrium, indoor and outdoor swimming pools, playgrounds and nearby walking trails.
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.