Matt Joblon, left, and Matthew Karp of BMC Investments
Cherry Creek’s most prolific developer has someone new handling the day-to-day.
Matthew Karp joined BMC Investments last week as partner and chief investment officer, according to CEO Matt Joblon.
Karp most recently spent eight years at Denver private equity firm Amstar Group, ending as CEO. A graduate of Cornell University with an MBA from Columbia Business School, he also previously worked at Cerberus Capital Management, Savanna Partners, TriSpan LLP and CPG Real Estate.
“I’m honored to join BMC and contribute to the company’s growth and development,” Karp said in a statement. “I look forward to helping lead new projects and initiatives that strengthen our portfolio, the team and create enduring value.”
In his new role, Karp will oversee BMC’s investment strategy, acquisitions, development and portfolio and asset management tools. The company is most known for its Cherry Creek projects — it has three under construction now — but also has been buying thousands of apartments, increasing its out-of-state presence.
Karp replaces Jeffrey Stonger, who left last April after four years in the role. Stonger founded a company called Factor Strategic Partners, which bills itself as “an alternative investment firm pioneering a new way for emerging real estate (general partners) to succeed.”
After Stronger left, Joblon temporarily added the chief investment officer job to his normal duties, which, like most CEOs, focus more on the big picture. The extra work, he said, had a bright side.
“It really helped me understand what worked well, what wasn’t working and what we needed,” he said.
Experience was key. Joblon said he interviewed 60 people from across the country, personally putting 120 hours into the search. Erin Little, his chief financial officer, introduced him to Karp. She’d worked with him at Amstar.
The fact that Karp already lived in Denver was a plus, Joblon said. He knows the local lenders and attorneys. And, practically speaking, people who have the necessary experience often have high school children, which can make them hesitant to uproot their families.
The last step, Joblon said, was to get the blessing of Jarrett Posner, his fellow founding partner and the chairman of BMC’s board.
After the two met, Joblon said, Posner said he loved Karp, and BMC had to reach a deal with him.
“I’ve never heard Jarrett say that, ever,” Joblon said.
The three Cherry Creek projects that BMC has under construction are the Milwaukee Place office building at 242 Milwaukee St., the Oasis Apartments building at 299 Milwaukee St., and Cherry Lane, which is going up where Sears and Crate & Barrel once stood along First Avenue.
Matt Joblon, left, and Matthew Karp of BMC Investments
Cherry Creek’s most prolific developer has someone new handling the day-to-day.
Matthew Karp joined BMC Investments last week as partner and chief investment officer, according to CEO Matt Joblon.
Karp most recently spent eight years at Denver private equity firm Amstar Group, ending as CEO. A graduate of Cornell University with an MBA from Columbia Business School, he also previously worked at Cerberus Capital Management, Savanna Partners, TriSpan LLP and CPG Real Estate.
“I’m honored to join BMC and contribute to the company’s growth and development,” Karp said in a statement. “I look forward to helping lead new projects and initiatives that strengthen our portfolio, the team and create enduring value.”
In his new role, Karp will oversee BMC’s investment strategy, acquisitions, development and portfolio and asset management tools. The company is most known for its Cherry Creek projects — it has three under construction now — but also has been buying thousands of apartments, increasing its out-of-state presence.
Karp replaces Jeffrey Stonger, who left last April after four years in the role. Stonger founded a company called Factor Strategic Partners, which bills itself as “an alternative investment firm pioneering a new way for emerging real estate (general partners) to succeed.”
After Stronger left, Joblon temporarily added the chief investment officer job to his normal duties, which, like most CEOs, focus more on the big picture. The extra work, he said, had a bright side.
“It really helped me understand what worked well, what wasn’t working and what we needed,” he said.
Experience was key. Joblon said he interviewed 60 people from across the country, personally putting 120 hours into the search. Erin Little, his chief financial officer, introduced him to Karp. She’d worked with him at Amstar.
The fact that Karp already lived in Denver was a plus, Joblon said. He knows the local lenders and attorneys. And, practically speaking, people who have the necessary experience often have high school children, which can make them hesitant to uproot their families.
The last step, Joblon said, was to get the blessing of Jarrett Posner, his fellow founding partner and the chairman of BMC’s board.
After the two met, Joblon said, Posner said he loved Karp, and BMC had to reach a deal with him.
“I’ve never heard Jarrett say that, ever,” Joblon said.
The three Cherry Creek projects that BMC has under construction are the Milwaukee Place office building at 242 Milwaukee St., the Oasis Apartments building at 299 Milwaukee St., and Cherry Lane, which is going up where Sears and Crate & Barrel once stood along First Avenue.
