BMC, Rockpoint Kick Off South Denver Project
- Jul 23, 2021
A partnership between BMC Investments and Rockpoint Group has started construction on Canyonside Apartments, a 325-unit community in Castle Pines, Colo. The development team plans to deliver the project in summer 2023.
According to Douglas County records, the partnership acquired the 17-acre land along Canyonside Boulevard for $8.1 million from Lee Alpert & Co. The joint venture secured a construction loan funded by FirstBank.
The property will encompass 14 three- and four-story buildings with one-, two- and three-bedroom units. Planned amenities for the community include a clubhouse, fitness center, swimming pool, pet spa and dog park.
Crossland Construction Co. is overseeing construction. Craine Architecture is providing design services, with Sage Design Group handling landscape architecture.
The community will place residents 24 miles southeast of downtown Denver, roughly 12 miles from the Denver Tech Center and less than a mile from Interstate 25 as well as the Castle Pines Parkway retail corridor.
According to Jeff Stonger, CIO of BMC Investments, Canyonside Apartments marks the first project for the joint venture, which intends to invest $1 billion in multifamily and single-family developments within master-planned communities.
In June, BMC secured recapitalization for three communities totaling 1,346 units in nearby Aurora, Colo. The financing was the start of a new partnership between BMC Investments and DRA Advisors focusing on workforce housing investments.