FCP announces its first equity multifamily acquisition in the Denver, Colorado 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.