Buchanan Street Partners Purchases Recently Completed Luna Bella Community from Milestone
A Lafayette apartment complex has sold for $60.25 million to a California firm in the first major apartment sale of the year for the area.
Luna Bella, constructed in 2015 by Milestone Development Group, sold to Buchanan Street Partners, for $251,041 per unit.
The acquisition represents Buchanan Street’s investment focus on high-quality apartment assets in suburban locations near major metro areas. The company also recently purchased a 298-unit complex in metro Salt Lake City.
“Our investment in Luna Bella provides the opportunity to expand our multifamily portfolio with an active apartment community that has outstanding amenities and is in close proximity to several employment centers in metro Denver,” said Kevin Hampton, executive vice president at Buchanan Street.
Since its founding, Buchanan Street has invested more than $6.5 billion in real estate.
The 240-unit Luna Bella includes a 5,400-square-foot clubhouse containing a variety of highend amenities. The complex is located at 695 S. Lafayette Drive.
Buchanan Street was attracted to the property in part because of supply constraints that exist in the apartment market in metro Denver, which are exacerbated in and around Boulder, where the University of Colorado and high concentration of tech workers have resulted in restricted supply and higher average rents than most of metro Denver.
“The acquisition of Luna Bella was also appealing due to the strong economic and demographic fundamentals in metro Denver,” Hampton said. “Denver’s high quality of life and highly educated workforce is attractive to employers and residents alike.”
Doug Andrews, Shane Ozment and Terrance Hunt, all vice chairmen at ARA, A Newmark Company, represented Milestone Development Group.
For more information on this sale, please see CoStar Comp #4134004.
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