Matt Joblon believes now is the ideal time to strike deals for apartments. “There’s an incredible buying opportunity right now in cities that are growing,” he said.
The CEO of Denver-based BMC Investments recently closed its first-ever fund, raising $150 million to purchase apartments across seven key markets. These markets include Denver, Salt Lake City, Phoenix, Austin, the Charlotte/Raleigh/Durham area in North Carolina, Jacksonville, and southern Florida.
“Most of these key cities are underhoused, and there’s a massive drop of supply coming,” Joblon explained.
BMC is best known for its developments in Denver’s Cherry Creek neighborhood, which have included hotels, office buildings, and apartments. However, the firm has always maintained a strong multifamily presence, historically focused on Colorado. Before launching the fund, BMC managed about 6,000 units.
Joblon is no stranger to raising capital but previously solicited money for individual deals. “It just wasn’t scaling at a certain point,” he said, adding that the fund framework not only simplifies securing loans but also helps attract talent.
The fund is concentrated on value-add and distressed acquisitions targeting workforce and attainable housing—the lower end of the market. With high interest rates causing some landlords to face loan maturities, there are opportunities to buy properties at discounts compared to replacement costs and recent sales.
So far, BMC has deployed about a third of the fund. In February, the company entered Florida with the purchase of a 312-unit, 95%-occupied apartment complex in Jacksonville built in 2008. BMC plans to update a quarter of the complex’s units.
In August, BMC expanded into North Carolina, acquiring a 339-unit complex in Raleigh.
“I hope to deploy most of it over the next 18 months, which I think is the buying opportunity,” Joblon said.
Meanwhile, BMC continues its development work in Cherry Creek. The company is currently constructing an apartment building at 299 Milwaukee St., alongside the mixed-use Cherry Lane project, which involved demolishing the former Sears and Crate & Barrel stores.
https://www.denverpost.com/2025/09/25/denver-ceo-apartment-fund-investments/