Business Brief

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Deal made in Westminster apartments

Denver-based BMC Investments closed on the Four Seasons apartment community in Westminster for $25 million, which equates to $65,000 per unit. BMC plans to spend $2.4 million to upgrade the 384-unit property located at 2002 W. 76th Ave. and rename the property “Villas on 76th.”

Villas on 76th is in close proximity to the Westminster Mall redevelopment and the Midtown development, and a mile away from a new light-rail station, which will contribute to the gentrification of the area. Matthew Joblon, chief executive officer for BMC Investments, said BMC is investing in this property in part because of its strong central location.

BMC is also investing significant capital to completely remodel the exterior of the complex; renovate the clubhouse; and make the mechanical systems more efficient, including replacing all the boilers, air-conditioning units and half the roofs that have not already been replaced. These property upgrades are set to begin immediately.