Closing Announcement: Elevate At Fillmore

The Opportunity

Elevate At Fillmore is the development of a 196-unit,Class-A multifamily community in northwest Colorado Springs, CO. This investment is emblematic of our best-in-class, low-cost basis strategy. The project will be developed by The Garrett Companies, a best-in-class, vertically integrated developer who builds market-rate multifamily at a significantly lower cost basis than competitors. The Garrett Companies arguably has one of the most impressive track records in the country.

Best-In-Class Developer Advantages

Discounted Construction Cost

Through The Garrett Companies’ vertically-integrated development & construction team, the firm delivers superior product at a significant discount to competitors’ construction cost. For our investors, Lower construction costs allow for a greater degree of downside protection thanks to a lower required exit price to meet investor return targets.

Strong Track Record and Refined Tested Product

With a strong track record in the Rocky Mountain Region, TheGarrett Companies has executed on the development, lease-up, and sale of over3,500 units in the region. Informed by years of experience and accompanying design refinement, TGC offers a unique product with broad unit type variety and less total units than comparable developers in the region. Their refined development offering has been successfully tested for demand with both tenants and institutional buyers.

How BCP Won The Deal

BCP’s Performance-Based Structure, designed to attract top-performing opportunities, incentivizes our investment partners to self-select only their “home run” projects with the lowest execution risk and highest return potential. Our fixed “High Pref” investor return structure compels our partners to pay a higher investor return in exchange for substantially increasing their overall profit when compared to traditional waterfall structures.

Project Details

Location Advantages

Elevate at Fillmore is located in the highly desirable Colorado Springs neighborhood of Pleasant Valley, adjacent to the world-famous Garden Of The Gods park and 3 miles northwest of the city’s downtown. Colorado Springs sits at the base of Pikes Peak, one of the most famous mountains in America. With a population of 500K, the city has seen an influx of people in recent years – between 2010 and 2020, the population grew by 15%, more than double the national growth rate. 

Bolstered by a pro-business climate and innovation, Colorado Springs has become a thriving place for business expansion, job creation, and employee retention. The city continues to experience substantial employment in-migration and is an ideal corporate location for many national and regional businesses.

Elevate at Fillmore is directly adjacent to the growing retail district at the intersection of Centennial & Fillmore. Anchored by a King Soopers Grocery (0.25 mile walk from the site), Grandview Marketplace is also home to restaurants, coffee shops, and commercial & convenience businesses. On the east side of Centennial Blvd, West Mesa Commons is an under-construction retail strip development. The strip will be fully developed prior to first unit delivery.

Four major retail centers are within 3 miles of the project site. Each center is anchored with a major national retailer, with numerous grocery, home goods, hardware, and restaurant options.

Interested in learning more about BCP? Please click here to reach out to one of team members.

‍

‍