20 Sep BCDC Forms New JV Partnership with Phoenix-based Moderne
BCDC, a real estate firm specializing in development, pursuit capital and brokerage services, has entered into a joint venture partnership with Moderne, a Phoenix-based, fully integrated real estate alternative investment manager focused on community-centric apartment and townhome development.
“BCDC is extremely excited to partner with the seasoned team of multifamily experts at Moderne,” said Litt Glover, President and CEO, BCDC. “Their bold vision for the Phoenix multifamily sector makes this an intriguing joint venture, which is focused on creating value for residents, investors, employees and partners through attention to detail and expert execution.”
“We’re thrilled to be forging this programmatic relationship with a group as resourceful as BCDC. They have an innovative approach and a commitment to excellence that’s apparent across their portfolio,” said Jared Black, Co-CEO of Moderne.
The partnership’s first project, The Governor, is underway. The five-story, mid-rise apartment community will have a total of 176 apartments. In the resurgent Miracle Mile neighborhood, the site at 1717 E. McDowell Road is the former personal residence of Arizona’s first governor, W.P. Hunt.
“People overuse this phrase, but the key to this property truly is the community,” said David Dewar, Moderne’s Co-CEO. “With the history of the site and the neighborhood itself, feedback and insights from neighborhood stakeholders has been central to everything we’re doing here. We really want to ensure that we’re not only building for future residents, but creating something that will really benefit long-time Miracle Mile residents as well.”
Later this month, Moderne and BCDC will start Moderne Arrowhead, a three-story, garden-style apartment community with 182 units and surface parking. The property will offer studios, one- and two-bedrooms, and one-bedroom, one-bath carriage house units.
Continued coastal migration, robust employment growth, relative affordability and good quality of life have strengthened the Phoenix multifamily market in the past year, according to Berkadia Research. In 2021, Maricopa County was the fastest-growing county in the United States, and a record high 15,000 units were absorbed in 2021.
Founded in 1963, BCDC is a wholly-owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, BCDC offers a wide variety of real estate services, from development and construction to equity and credit enhancements, to brokerage and property management. Learn more by visiting www.batsoncookdev.com.
Moderne is a Phoenix-based alternative investment manager focused on community-centric apartment and townhome development. With more than 35,000 units delivered in their collective experience, the Moderne team has built their reputation on developing unique contributions to individual neighborhoods that buck the trend of cookie-cutter developments while adding value for community, partners, and stakeholders.