BMC Investments, a vertically integrated real estate company, sold its property management division to Asset Living, the third-largest property management provider in the U.S., for an undisclosed sum. Asset Living will serve as the property manager for BMC’s 14 multifamily properties, which include more than 5,200 housing units.
BMC is a Denver-based developer and property owner with diverse holdings. In addition to its multifamily properties, the company has also developed offices, hotels and a social club.
“We have been managing these properties in-house for more than a decade, but given some of the industry challenges, we believe this is the right thing for our investors to ensure the best execution of these investments,” BMC Chief Investment Officer Jeff Stonger said in a statement. “Property management is all about scale and BMC does not intend to grow to the necessary size to effectively compete for long-term in property management."
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PEOPLE
John Deffenbaugh will become Historic Denver’s next CEO after Annie Levinsky stepped down in June. Deffenbaugh previously worked as the CEO of the RiNo Arts District in Denver.
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Alex Possick has joined JLL Capital Markets’ multifamily investment sales division in Denver. Prior to the move, Possick worked as vice president of Northmarq’s Colorado middle-market investment sales platform.
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McConaughy & Sarkissian PC hired construction litigation attorney Carin Ramirez to the firm as a special counsel. Ramirez has more than 12 years of experience as a construction litigation attorney.
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Colorado-based Collegiate Peaks Bank, a division of Glacier Bancorp, promoted Rich Mancuso to vice president. Mancuso is also a board member of the Salida Chamber of Commerce and the Chaffee Housing Authority.
LEASES
Denver Commercial Property Services, a single-source property management company, leased a new 11K SF office and warehouse space at 7241 South Fulton St. in Centennial to house its growing commercial cleaning, landscaping, and paint and construction divisions.
FINANCING
Rainbow Realty Group and MJ Investment Partners completed a $4.5M loan to Silver Stem Cannabis to cross-collateralize five properties in Denver, Littleton and Sheridan.
THIS AND THAT
Fairstead, an affordable housing developer with more than $7.8B in total assets, opened a new office at 1700 Broadway in Denver on March 27.
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