By Margaret Jackson / NewsBreak Denver
(Denver, Colo.) The Ivy Crossing apartment community will get a $23 million renovation thanks to an influx of funds stemming from its recapitalization.
Owner BMC Investments teamed up with FCP, a Maryland-based real estate private equity fund manager, to drive the company’s long-term investment strategy to acquire and/or recapitalized workforce housing, BMC Chief Investment Officer Jeff Stronger said.
“We recognize the need for affordable workforce housing options in the Denver metro area, and we feel it is our responsibility to create these environments for our residents and help better the neighborhoods in which we invest,” Stronger said. “This partnership with FCP furthers that commitment and provides the right capital structure to deliver on that vision.”
Ivy Crossing is centrally located on 36 acres between downtown and the Denver Tech Center. The community has 1,023 one-, two- and three-bedroom apartments and is easily accessible to Interstate 25, Interstate 225 and two light-rail stations.
FCP Vice President Bart Hurlbut said the partnership with BMC will help it expand its investment profile in the western U.S.
“Our business plan at Ivy Crossing will include building on BMC’s achievements to date with a $23 million capital and interior renovation program designed to improve the property and its attractiveness,” Hurlbut said.