This article originally appeared in the Denver Business Journal.
A Greensboro, North Carolina-based apartment investment and management company has purchased a 240-unit multifamily property northwest of Denver.
Bell Partners spent $82.5 million to acquire Luna Bella, at 695 S. Lafayette Drive, in Lafayette, records filed in Boulder County show. California-based Buchanan Street Partners was the seller of the property, which it acquired in 2018 for $60.25 million.
Milestone Development Group developed the pet-friendly apartment community in 2015. It features one- to two-bedroom floor plans that range in size from 725 to 1,076 square feet.
Amenities in the community include a 5,400-square-foot clubhouse, a heated Junior Olympic swimming pool and spa, and a yoga studio with a Zen garden, according to Buchanan Street Partners’ website.
It also includes bocce ball courts, a bike maintenance and repair facility, an onsite carwash and detached garages for each unit.
Luna Bella is connected to the area’s recreational trail system. The property is in the Boulder Valley School District. Nearby is the Intermountain Health Good Samaritan Hospital off Highway 287.
Its purchase was the second Bell Partners transaction since summer in the metropolitan area. The company sold a multifamily property in the suburbs south of Denver earlier this year for $95 million.
The firm owns around 18 other properties in Colorado, according to its website. The Mile High City is one of its target markets. Others include Boston, Seattle, San Francisco and Orlando.
The sale continues a trend of large apartment buildings trading hands this year.
The Boulder-area submarket had an inventory of 22,259 units in the third quarter, according to CBRE research. The average rent price per unit penciled out to $2,198.