BMC Investments, a renowned Denver-based real estate firm, and Rockpoint, a prominent real estate private equity firm, have taken a significant step forward with the commencement of construction on The Oasis Apartments in Cherry Creek. This luxury mixed-use development is set to redefine the neighborhood and offer residents an exceptional living experience.

Transformative Partnership and Site Details

In April 2022, BMC and Rockpoint formed a strategic partnership to acquire and develop the site at 299 Milwaukee St. Situated on one of the last large mixed-use development sites in Cherry Creek North, the project will encompass 177 luxury residential units, 28,000 square feet of high-end ground-floor retail, and a 6,000-square-foot public park with fountains at the corner of Third Avenue and Milwaukee Street. The vertical construction is expected to start in February 2024, with completion anticipated in early 2027. Designed by Shears Adkins Rockmore and constructed by The Beck Group, this apartment project will transform nearly the entire west side of Milwaukee between Second and Third Avenues. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are responsible for leasing the retail space.

CEO's Perspective on Construction Financing

Matt Joblon, the founding partner and CEO of BMC Investments, expressed his excitement about securing construction financing from Bank OZK and commencing construction on this transformative project. He stated, "Alongside Rockpoint, we are thrilled to move forward with this trophy-level apartment development catering to residents who seek a best-in-class living experience in the Cherry Creek submarket. We believe this project will set a new standard for luxury living in the area."

Rockpoint's Enthusiasm for the Development

Aric Shalev, the managing member and co-president at Rockpoint, shared his enthusiasm for the partnership and the commencement of construction. He said, "We are pleased to partner with BMC and bring this exciting new development to life in Cherry Creek. This submarket is perfectly suited for luxury rental housing development, given its excellent location, high-end amenities, and adjacent high-quality retail. We believe this will become a signature property in the Denver community and attract residents who value quality and style."

Best-in-Class Amenities and Project Timeline

The Oasis is designed to meet the growing demand for apartments in Cherry Creek North and will feature an array of best-in-class amenities. These include a rooftop pool, a state-of-the-art fitness center, co-working areas, and a resident lounge. The start of this project follows BMC's recent groundbreaking on Fitzsimons Gateway, a 210-unit affordable housing project in Aurora in partnership with Mile High Development. Additionally, BMC has acquired a Cherry Creek North building, which is the next phase of the Clayton Lane redevelopment and is now renamed Cherry Lane. Furthermore, 255 Fillmore, a 100,000-square-foot office and retail building, has recently been completed in Cherry Creek North.