Denver-based BMC Investments has expanded outside its home state. The vertically integrated real estate investment firm, which owns over 6,000 multifamily units, has made its entry into the Florida market, with the acquisition of The Finley in Jacksonville from Fogelman Properties.
“We are excited to expand our portfolio into new markets outside of Colorado with the purchase of The Finley,” said Jeffrey Stonger, chief investment officer and partner of BMC Investments. “The Finley is a great community in which we look to further enhance through our proven value-add program.”
Built in 2008, The Finley, which was 95% occupied at the time of the acquisition, offers one-, two-, and three-bedroom apartments. Residents have access to community amenities, such as a resort-style swimming pool, a 24-hour fitness center, jogging trails, and a pet park.
According to BMC Investments, it plans to update 25% of the apartments, which were in their original condition. Renovations are slated to begin post-closing and will include new flooring and cabinets.
“Florida is one of our top target markets for expansion due to its strong multifamily fundamentals and renter appetite for renovated product,” added Stonger. “We are eager to begin work at The Finley, which will deliver sought-after modern, renovated units.”
Institutional Property Advisors’ Erik Bjornson, senior managing director of investments, and Tyler Nilsson, senior managing director of investments, brokered the acquisition.
As BMC Investments looks to expand its national portfolio, the firm said it is planning additional acquisitions in other Sun Belt markets.
