Source: FCP / BMC Investments
AURORA, CO - 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.