BMC Investments is establishing a footprint outside of its home state through the acquisition of The Finley Apartments in Jacksonville, Florida, for $37M.
The move marks a national expansion by the Denver-based company, the Denver Business Journal first reported.
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“We are excited to expand our portfolio into new markets outside of Colorado with the purchase of The Finley,” BMC Chief Investment Officer and partner Jeffrey Stonger said, according to the DBJ. “The Finley is a great community in which we look to further enhance through our proven value-add program.”
BMC purchased the 312-unit facility at 9541 103rd St. from Fogelman Properties, which purchased it in 2018 for $36M.
BMC is scheduled to upgrade a quarter of The Finley’s units upon closing.
BMC has a portfolio of 23 workforce multifamily developments, according to its website. About half of those are in Denver. The firm developed three and acquired the other 20.
It owns four Cherry Creek office buildings as well as three hotels in the tony district. Its hotel portfolio includes Moxy Boulder and Hyatt House in Aurora.
In all, BMC has pumped about $1B into 37 Colorado multifamily properties, according to the DBJ. Its current projects include The Oasis Apartments in Cherry Creek and Fitzsimons Gateway.
BMC's expansion outside of Colorado — and Denver, specifically — comes as the Mile High City’s effective rents fall and a glut of multifamily units arrive. Developers have pulled out of the urban core as some 20,000 units delivered in 2024, driving effective rents down 3%, according to JLL data. The national drop was about 1.3%.
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