Buvermo Execs Launch BVO Capital to Target Active Adult Housing

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Jim Lindsey and Kevin Woodley, vice presidents of Bethesda, Md.-based Buvermo Investments, have spun off to form a new company called BVO Capital, backed by London-based Rinkelberg Capital.

Lindsey and Woodley are managing partners in the new venture, which has offices in Bethesda and Charlotte, N.C.

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BVO Capital focuses on multifamily and commercial real estate development, investment and property management in the Southeast, the Sun Belt, and the D.C. region, targeting active adult, multifamily and build-to-rent properties. 

“The market for 55+ communities is vast given the aging demographic and the undersupply of housing options,” Woodley told Commercial Observer. “The appeal to baby boomers of a maintenance-free, social lifestyle, as well as access to amenities, provides an untapped opportunity for the development of 55+ for-rent communities.”

He added that build-to-rent is similarly attractive to a demographic that desires many of the amenities of a single-family home in a more affordable format than the sales market.

“We’ll also be acquiring and developing conventional multifamily product where the demographics are favorable and there is in-migration,” Woodley said. 

Buvermo will continue to focus on real estate investments as a limited partner, while BVO is a vertically integrated sponsor-operator, Lindsey explained.

BVO Capital’s active development pipeline under the Arden 55+ Living brand includes 10 communities in D.C., the Carolinas, Tennessee and Georgia. 

“The market for 55+ and build-to-rent in particular are at an inflection point,” Lindsey told CO. “Launching the BVO Capital flag now will help us make the market and capitalize on the opportunities we are seeing in the geography we are principally focused on, including the Southeast, the Sun Belt and the D.C. area in the Mid-Atlantic.” 

BVO sees considerable opportunity in the D.C. region, in particular. 

“The opportunity is primarily in the suburbs in the ring around D.C., principally Northern Virginia and to some extent suburban Maryland,” Woodley said. “The demographics for 55+ are attractive, the economics for new development are more conducive in the suburbs, and the markets are generally undersupplied relative to 55+ and single-family. The latter offers a nice opening for build-to-rent.”

Keith Loria can be reached at Kloria@commercialobserver.com.