Denver-based BMC Investments has purchased two metro Denver apartment complexes in a package deal valued at $72 million.
The deal includes the 504-unit Aurora Meadows Apartments in Aurora and the 461-unit Lakeview Apartments in Westminster. The seller was Belgrade Enterprises.
“BMC invested in these properties because both sites are in strong submarkets with low vacancy and minimal new supply under construction,” said Matt Joblon, CEO of BMC. “The areas are also experiencing substantial neighborhood gentrification, with many older properties benefiting from significant new capital investments and their proximity to new light-rail stations currently under construction.”
BMC said it plans to launch multimillion-dollar upgrades in the complex’s residential units and common areas.
BMC is a partner in the $60 million into a hotel, restaurant and retail building.
The firm also is developing at the corner of First Avenue and Steele Street in Cherry Creek.
Steve Raabe: 303-954-1948, sraabe@denverpost.com or twitter.com/steveraabedp
