BMC Investments Enters Tampa With 776-Unit Buy

Denver-based real estate firm BMC Investments has purchased Park at Valenza Apartments, a 776-unit multifamily community in Tampa, Fla. The seller was Blue Roc Premier Properties, according to Yardi Matrix information. A fund sponsored by Prime Finance provided financing for the acquisition.

The community was under Blue Roc’s ownership since 2016, when the company purchased it from Korman Residential Properties for $70 million, or $101.4 per square foot, the same data provider shows.

Completed in three phases between 1987 and 1996, Park at Valenza comprises 78 two- and three-story buildings across a 36-acre site. Units have one- to three-bedroom layouts ranging in size from 630 to 1,273 square feet. Shared amenities include a lounge, fitness center, swimming pool and a picnic area with barbecue grills, as well as basketball and tennis courts. The new ownership plans to invest capital into renovating the asset. Upgrades will target roofing and landscaping, as well as improvements to the parking lot and to some unit interiors.

Tampa’s steady multifamily market

Located at 6900 Aruba Ave., the property is some 10 miles northeast of downtown Tampa, within the Tampa Terrance suburb. Park at Valenza is BMC’s first acquisition in the market and the third in the state of Florida. Last month, BMC, in partnership with FCP and The RMR Group, bought ARIUM Sunrise, a 400-unit, 22-acre community in Sunrise, Fla., for $90 million.

Tampa’s average advertised asking rent reached $1,804 at the end of 2024, after a 0.2 percent increase on a trailing three-month basis through December, a Yardi Matrix report from February shows. Sales volume in the city at the end of last year clocked in at $2 billion, slightly above the year before.