FCP has made its third Colorado multifamily purchase—the second announced in less than a week—with the acquisition of Aurora Meadows, a 461-unit community in Aurora, Colo., through a $114 million joint venture recapitalization with BMC Investments.
Located at 777 Dillon Way, Aurora Meadows has a mix of studio, one- and two-bedroom apartments. Community amenities include a business center; clubhouse; fitness center; volleyball, tennis and basketball courts; pool; sauna; playground; pet park; laundry facilities and picnic and barbeque areas. The property is centrally located in Aurora, near one of Denver’s largest employment centers with easy access to main Denver thoroughfare I-225. It is blocks from the new Fitzsimons Light Rail stop, Fitzsimons Medical Campus and retail and dining options.
Growing Colorado Portfolio
With the Aurora Meadows investment, FCP’s Colorado multifamily includes three apartment communities with a total of 1,736 units. Last week, FCP and joint venture partner Avanti Residential announced the acquisition of Heights on Huron, a 252-unit garden-style apartment community in Northglenn, Colo., for $55 million. In May, FCP, a privately held real estate investment company that invests directly in or with partners in residential or commercial assets, formed a joint venture with BMC for the recapitalization of Ivy Crossing, a 1,023-unit community in Denver. BMC and Oak Coast Properties had acquired the property in 2019 in a $177 million portfolio transaction that included two neighboring communities, according to Yardi Matrix data. The recapitalization of Ivy Crossing, which includes a $23 million capital renovation plan, marked FCP’s first equity multifamily investment in the state.
Bart Hurlbut, a vice president at FCP, said in a prepared statement expanding the firm’s portfolio in Colorado with BMC strengthens its market position alongside an existing partner. He said the firms are planning a $12 million renovation program for the property which will include modernizing units and common areas and improving several amenities.
BMC, a real estate investment manager, will continue to provide asset management and property management services to oversee the capital improvement program to reposition the property.
Jeff Stonger, chief investment officer at BMC, said in prepared remarks the partnership with FCP is very synergistic and allows both groups to grow and scale across new markets and strategies together. He said BMC is focused on delivering high-quality affordable workforce housing options. Teaming with FCP as its capital partner enables the firm to execute that vision and deliver on its commitment to the communities it owns.
More FCP Deals
FCP has been active in other markets in recent months as well. In June, FCP and VaultCap Partners entered the Austin, Texas, market with the purchase of Huntington Meadows, a 200-unit multifamily community. The deal marked FCP and VaultCap’s third purchase together in Texas and FCP’s 18th multifamily investment in the Lone Star State over the last four years.
Other recent acquisitions include a 245-unit, garden-style apartment acquired in March in Largo, Md., and a 284-unit, Class B community in San Antonio, Texas, that was purchased in May.