FCP Enters Denver Market, Recaps 1,023 Units

The company plans to invest $23 million in property renovations.

Ivy Crossing. Image courtesy of FCP and BMC

FCP has formed a joint venture with BMC Investments for the recapitalization of Ivy Crossing, a 1,023-unit community in Denver. Oak Coast Properties and BMC had acquired the asset back in 2019, in a $177 million portfolio transaction that also included two neighboring communities, Yardi Matrix data shows. FCP’s business plan for the property includes a $23 million capital renovation program, Vice President Bart Hurlbut mentioned in a prepared statement.

Completed in three phases between 1973 and 1977, the community spans 36 acres and comprises 57 buildings with studio, one-, two- and three-bedroom floorplans averaging 1,022 square feet. Community amenities include picnic areas, a fitness center, swimming pools and a clubhouse with an entertainment atrium.

Located at 7300 E. Harvard Ave., the property is less than 2 miles east of Interstate 25, offering convenient access to downtown Denver and the area’s major employment hubs. Numerous dining and retail options along Evans Avenue are within 1 mile of the community.

Ivy Crossing is FCP’s first equity multifamily investment in Denver. The firm’s current portfolio includes more than 16,000 units across several markets, according to Yardi Matrix data. Some of its more recent acquisitions include a 245-unit, garden-style property in Largo, Md., and a 284-unit, Class B community in San Antonio.

You May Also Like