BCP Joins Forces with The Garrett Companies and Telis Group on 368-Unit Garrett Centennial Project
Buchanan Capital Partners (BCP), the Austin-based commercial real estate investment firm known for its zero-fee model, has recently affirmed its growth strategy within the multifamily development sector with a noteworthy Joint Venture. Aligning with The Garrett Companies and Telis Group, BCP has successfully capitalized on Garrett Centennial Apartments, a vast 368-unit garden-style residential project situated amidst the thriving Denver Tech Center submarket.
The collaboration, highlighting strategic partnerships and the pooling of expertise and resources, marks the continued trust and synergy between BCP, The Garrett Companies, and Telis Group following their previous alliance on the Garrett Fillmore Apartments in Colorado Springs.
Garrett Centennial is not only well-located but also stands at a nexus of opportunity—neighboring the corporate district, downtown Denver, and picturesque Cherry Creek State Park. It comfortably nests within the Cherry Creek School District, which ranks as a top consideration for families. The project is expected to tap into an evolving demographic that finds itself edged out of homeownership due to the district’s affluence.
Intrinsic to the development’s allure is its placement within Midtown Centennial, an 800-acre master-planned vision by the city, aimed at transforming traditional office parks into a vibrant, pedestrian-friendly mixed-use community. The 14-residential building campus that forms Garrett Centennial caters to a diverse renter demographic—from young professionals to families to long-term residents seeking exceptional educational and employment options.
Keith Buchanan, Founder and Principal of BCP, emphasizes the strategic merit of the Garrett Centennial project by stating, “Garrett Centennial allows us to deploy capital at an attractive cost basis in one of Denver’s best-performing submarkets that has long-term demand fundamentals that support durable rent growth and value creation, while aligning with a Best-In-Class development partner who shares our long-term view of the market.”
Following through on the firm’s selective investment approach, Ford Albert, Director at BCP, shed light on the distinct advantages this development offers. Albert noted, “This opportunity stood out by meeting all our key criteria: an exceptional location in a top school district, discounted basis relative to recent comparable sales, dwindling supply pipeline, and vertically integrated development partner with a differentiated unit mix.”
The thorough underwriting practices adopted by BCP reflect a conservative strategy, aiming for lease-up rents below the submarket’s current levels, which bodes well for the project’s financial viability and invites sustained investor confidence. As BCP looks toward the future, eyes are set on similar joint ventures and direct acquisition opportunities that align with the company’s strategic objectives and commitment to innovation in the multifamily segment.