BMC Investments and Rockpoint Break Ground on Oasis Apartments, a Mixed-Use Development at 299 Milwaukee St. in Cherry Creek
Oasis Apartments, a Mixed-Use Development at 299 Milwaukee St. in Cherry Creek will deliver luxury residential and high-end retail at one of the last large mixed-use sites in Cherry Creek North.
BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, and Rockpoint, a real estate private equity firm, today announced that construction has commenced on The Oasis Apartments, Cherry Creek, a luxury mixed-use development located in the heart of Cherry Creek North at 299 Milwaukee St. BMC and Rockpoint formed a partnership in April 2022 to purchase and develop the site.
The project, situated on one of the last large mixed-use development sites in the neighborhood, will comprise 177 luxury residential units, 28,000 square feet of high-end, ground-floor retail and a 6,000-sf public park with fountains at the corner of Third Avenue and Milwaukee Street.
“We are excited to have secured construction financing from Bank OZK and begin construction of this transformative project in Cherry Creek North,” said Matt Joblon, Founding partner and CEO of BMC Investments. “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.”
“Rockpoint is pleased to partner with BMC and commence construction on this exciting new development in Cherry Creek,” said Aric Shalev, managing member and co-president at Rockpoint. “We believe this submarket is perfectly suited for this kind of 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.”
The Oasis Apartments – BMC’s fourth high-end, Class A multifamily development and 12th overall project in the submarket – is designed to meet the growing demand for apartments in Cherry Creek North and will feature best-in-class amenities including a rooftop pool, fitness center, co-working areas and resident lounge.
Site work at 299 Milwaukee has begun with vertical construction expected to start in February; completion is anticipated in early 2027. Designed by Shears Adkins Rockmore and constructed by The Beck Group, The Oasis Apartments, Cherry Creek will transform nearly the entire west side of Milwaukee between Second and Third Avenues. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are leading leasing of the retail space.
The start of the project follows BMC’s recent groundbreaking on Fitzsimons Gateway, a 210-unit affordable housing project in Aurora in partnership with Mile High Development; the acquisition of a Cherry Creek North building, which is the next phase of the Clayton Lane redevelopment, now renamed Cherry Lane; and 255 Fillmore, the development of a 100,000-sf office and retail building, which was recently completed in Cherry Creek North.
About BMC Investments: BMC Investments 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 that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, targeting investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 504 transactions with a total peak capitalization of approximately $80 billion. To learn more, visit www.rockpoint.com.
About Bank: Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended September 30, 2024, RESG originated approximately $41.4 billion in new loans. For more information, visit www.ozk.com.
