Denver, CO
CBRE Arranges Recapitalization of Ultra Core Mixed-Use Community in Denver’s Cherry Creek North
July 11, 2022
Media Contact
Sara Johnston
Director, Mktg & Comm
CBRE announced that it has arranged a recapitalization of the St. Paul Collection, a high-profile luxury apartment community in Denver’s Cherry Creek North neighborhood, on behalf of BMC Investments.
The recapitalization expands the existing partnership between BMC and Rockpoint, a real estate private equity firm headquartered in Boston. BMC Investments will continue to own and operate the property alongside Rockpoint.
“We are thrilled to continue growing the partnership with Rockpoint, who is truly a best-in-class partner capable of growing and scaling with BMC in different markets and strategies,” said Jeff Stonger, Chief Investment Officer at BMC Investments. “By year-end, we will have secured over $1 billion in total projects together with Rockpoint in just the past year, ranging from suburban development to core urban acquisitions.”
Built in 2018, St. Paul Collection is located at 255 and 210 Saint Paul Street with 165 residential units and 50,791 sq. ft. of retail across two buildings. The community has one-, two- and three-bedroom floorplans with an average apartment size of 1,407 sq. ft. Residents have access to ultra-high-end condo-quality finishes and amenities like on-demand, 24-hour concierge services, curated art packages, and year-round heated rooftop pools with panoramic mountain views.
The retail comprises the ground-floor retail at 255 and 210 Saint Paul Street and an additional retail building adjacent to 255 called The Garden at Cherry Creek. The retail space is leased to some of the nation’s top retail tenants, including CB2, SoulCycle, SweetGreen, Madison Reed and Le Bilboquet.
Brian McAuliffe, president of Multifamily Capital Markets for CBRE, worked with Roland Merchant Jr. and Tom Pryor, both with CBRE Capital Advisors, to advise BMC Investments in the recapitalization.
“With top-of-the-line, condo-quality multifamily and high-street retail, BMC’s development and management of St. Paul Collection has positioned it as the top mixed-use property in the most desirable submarket in the nation. BMC has been instrumental in the growth of Cherry Creek North, and their partnership with Rockpoint will continue to bring best-in-class residential and commercial assets to the Denver metro area,” said Mr. Merchant, senior managing director and head of institutional advisory with CBRE Capital Advisors.
Known for its shopping and restaurant scene, Cherry Creek North is one of Denver’s prime live-work-play neighborhoods with more than 5,000 residential units, 800 hotel rooms, 2 million sq. ft. of office space and 1.5 million sq. ft. of retail space contained in 16 walkable blocks.
“St Paul Collection is a legacy project for BMC and has set a new living standard not just in Denver, but in the U.S., rivaling luxury residential buildings in cities like New York and L.A.,” said Matt Joblon, Chief Executive Officer of BMC Investments. “Our residents can really afford to live anywhere, but they choose to live at St Paul Collection because our offering – the residences, the amenities, the retail, the community and the location – is so completely unique.”
Nationally, the multifamily market saw record levels of investment in the first quarter of 2022, according to a recent report from CBRE. Investment volume increased 56 percent year-over-year to reach $63 billion—the strongest first quarter on record. Denver is also seeing high levels of activity. More than $11.3 billion transacted across metro Denver’s multifamily sector in the past four quarters, an increase of 146 percent year-over-year.
About BMC Investments
BMC Investments (“BMC”) is a highly disciplined, vertically integrated real estate investment firm generating industry-leading returns through acquisition, development and management of various property types throughout the U.S. BMC focuses its investment strategy on creating long-term value in its assets and generating strong risk-adjusted returns. The company is able to outperform its peers by procuring attractive investments in its areas of focus; utilizing a measured and disciplined investment process with rigorous focus on risk management; leveraging best-in-class operating systems and processes; and attracting, retaining and developing great people. To learn more, visit www.bmcinv.com.
About Rockpoint
Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $29 billion in capital commitments. As of December 31, 2021, Rockpoint’s investment team with others has invested or committed to invest in 469 transactions with a total peak capitalization of approximately $72 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint, visit www.rockpoint.com.
The recapitalization expands the existing partnership between BMC and Rockpoint, a real estate private equity firm headquartered in Boston. BMC Investments will continue to own and operate the property alongside Rockpoint.
“We are thrilled to continue growing the partnership with Rockpoint, who is truly a best-in-class partner capable of growing and scaling with BMC in different markets and strategies,” said Jeff Stonger, Chief Investment Officer at BMC Investments. “By year-end, we will have secured over $1 billion in total projects together with Rockpoint in just the past year, ranging from suburban development to core urban acquisitions.”
Built in 2018, St. Paul Collection is located at 255 and 210 Saint Paul Street with 165 residential units and 50,791 sq. ft. of retail across two buildings. The community has one-, two- and three-bedroom floorplans with an average apartment size of 1,407 sq. ft. Residents have access to ultra-high-end condo-quality finishes and amenities like on-demand, 24-hour concierge services, curated art packages, and year-round heated rooftop pools with panoramic mountain views.
The retail comprises the ground-floor retail at 255 and 210 Saint Paul Street and an additional retail building adjacent to 255 called The Garden at Cherry Creek. The retail space is leased to some of the nation’s top retail tenants, including CB2, SoulCycle, SweetGreen, Madison Reed and Le Bilboquet.
Brian McAuliffe, president of Multifamily Capital Markets for CBRE, worked with Roland Merchant Jr. and Tom Pryor, both with CBRE Capital Advisors, to advise BMC Investments in the recapitalization.
“With top-of-the-line, condo-quality multifamily and high-street retail, BMC’s development and management of St. Paul Collection has positioned it as the top mixed-use property in the most desirable submarket in the nation. BMC has been instrumental in the growth of Cherry Creek North, and their partnership with Rockpoint will continue to bring best-in-class residential and commercial assets to the Denver metro area,” said Mr. Merchant, senior managing director and head of institutional advisory with CBRE Capital Advisors.
Known for its shopping and restaurant scene, Cherry Creek North is one of Denver’s prime live-work-play neighborhoods with more than 5,000 residential units, 800 hotel rooms, 2 million sq. ft. of office space and 1.5 million sq. ft. of retail space contained in 16 walkable blocks.
“St Paul Collection is a legacy project for BMC and has set a new living standard not just in Denver, but in the U.S., rivaling luxury residential buildings in cities like New York and L.A.,” said Matt Joblon, Chief Executive Officer of BMC Investments. “Our residents can really afford to live anywhere, but they choose to live at St Paul Collection because our offering – the residences, the amenities, the retail, the community and the location – is so completely unique.”
Nationally, the multifamily market saw record levels of investment in the first quarter of 2022, according to a recent report from CBRE. Investment volume increased 56 percent year-over-year to reach $63 billion—the strongest first quarter on record. Denver is also seeing high levels of activity. More than $11.3 billion transacted across metro Denver’s multifamily sector in the past four quarters, an increase of 146 percent year-over-year.
About BMC Investments
BMC Investments (“BMC”) is a highly disciplined, vertically integrated real estate investment firm generating industry-leading returns through acquisition, development and management of various property types throughout the U.S. BMC focuses its investment strategy on creating long-term value in its assets and generating strong risk-adjusted returns. The company is able to outperform its peers by procuring attractive investments in its areas of focus; utilizing a measured and disciplined investment process with rigorous focus on risk management; leveraging best-in-class operating systems and processes; and attracting, retaining and developing great people. To learn more, visit www.bmcinv.com.
About Rockpoint
Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $29 billion in capital commitments. As of December 31, 2021, Rockpoint’s investment team with others has invested or committed to invest in 469 transactions with a total peak capitalization of approximately $72 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint, visit www.rockpoint.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.