BMC Bags Suburban Apartments for $72M
Locally based BMC Investments acquired two metro Denver apartment properties for a total of $72M, according to The Denver Post: the 504-unit Aurora Meadows Apartments in Aurora (pictured) and the 461-unit Lakeview Apartments in Westminster. Belgrade Enterprises was the seller. BMC says it's going to upgrade the properties' units and common areas to take advantage of the low vacancies and small new supply in both markets.
BMC's Matt Joblon participated in our Denver Multifamily Summit, which concluded that the overall pace of apartment development in Denver is certainly high, with 45,000 units planned or in construction for a five- or six-year pipeline, with 11,000 units coming online in 2015, but slacking off a little in '16. Even so, absorption is strong, with Gen Ys and Millennials flocking to Denver, and developers are seeing their projects fill up.
