FORT LAUDERDALE, FL - BMC Investments, a Denver-based vertically integrated real estate firm, along with FCP and The RMR Group, acquired the ARIUM Sunrise apartment community, its first South Florida community and second multifamily purchase in the Sunshine State in the past week.
“ARIUM Sunrise is part of our planned expansion outside of Colorado,” said Jeffrey Stonger, partner and chief investment officer at BMC Investments. “We are excited to partner with FCP and RMR on this value-add multifamily property and improve the quality of the community.”
The 400-unit ARIUM Sunrise community, sold by PCCP and The RMR Group, was constructed in 1998. The new owners plan to update the balance of ARIUM Sunrise’s units, 8% or 32 units, which were in their original condition. At the time of the sale, ARIUM Sunrise was 94 percent occupied.
Wells Fargo provided financing for the acquisition of the community located at 1501 NW 124th Terrace in Sunrise. Community amenities include a pool, clubhouse and gym.
“RMR is excited to form a new partnership with BMC and FCP to reinvest in what has been a top-performing asset in our portfolio for over six years. We believe ARIUM Sunrise will continue to benefit from the job growth and migration to the area for years to come,” said Rob Lester, chief investment officer, RMR Residential, the multifamily platform of The RMR Group.
“Broward County remains one of Florida’s fastest-growing regions, and our recent investments highlight our commitment to securing well-positioned assets in this key market,” said Bruce Gago, senior vice president at FCP and head of the company’s Florida investments. “We look forward to once again partnering with BMC and collaborating with RMR to enhance ARIUM Sunrise Apartments and continue providing residents with a quality living experience.”
The acquisition follows BMC’s recent acquisition of The Finley, a 312-unit apartment community in Jacksonville. The real estate investment firm looks to continue to expand its Florida and Sunbelt multifamily holdings with further additions to its portfolio.