DENVER, CO - BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, made its first foray into the Jacksonville, Florida, market with its acquisition of The Finley, a 2008 vintage, 312-unit apartment community.
“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.”
BMC Investments plans to update 25% of The Finley’s units, which were in their original condition. Work will begin immediately after closing and include new flooring and cabinets for the units.
Located at 9541 103 St., the three-story community, sold by Fogelman Properties, was 95% occupied at the time of the sale. Featuring one-, two- and three-bedroom apartments, community amenities include a pool, clubhouse and gym.
The purchase is the first in BMC Investments’ push to expand its apartment portfolio nationally into several new markets, including Florida. Institutional Property Advisors’ Erik Bjornson, senior managing director of investments, and Tyler Nilsson, senior managing director of investments, brokered the acquisition.
“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.”