DENVER, CO - BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, formed a joint venture to purchase the Park at Valenza apartments – its first Tampa acquisition and third and largest multifamily deal to date in Florida.
“Park at Valenza not only represents our third apartment transaction in Florida but also our continued belief in the Florida multifamily market’s fundamentals and our ability to bring value to the community and its residents,” said Matt Joblon at BMC Investments.
The 776-unit community was constructed in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom units. The community features a lounge, gym, pool, basketball court and tennis courts.
BMC is initiating an extensive capital expenditures plan, which will include paint, roofing, siding, landscaping and parking lot work as well as improvements to Park at Valenza’s amenities. A portion of the units at the community comprising two-and three-story buildings will also be renovated.
“We are excited to continue our expansion into the Florida market and Park at Valenza is the latest step by our team to grow in the Florida multifamily sector, which continues to outperform other markets and stack up better against national trends,” added Matt Joblon.
A Prime Finance-sponsored fund provided financing for the acquisition. Park at Valenza is located at 6900 Aruba Ave. in Temple Terrace, a suburb of Tampa.
The acquisition follows BMC’s recent acquisition two other Florida communities – The Finley, a 312-unit apartment community in Jacksonville and ARIUM Sunrise, a 400-unit community in Sunrise. The real estate investment firm looks to continue to expand its Florida and Sunbelt multifamily holdings with further additions to its portfolio.