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February 15, 2019
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Buchanan Street Partners Makes $60 Mil CO Res Buy


Newport Beach-based Buchanan Street Partners has acquired Luna Bella Apartments, a 240-unit multifamily project in the Metro Denver community of Lafayette, CO. The newly-built, Class A apartment community was sold by Milestone Development Group for $60.25 mil, or about $251k/unit.

Luna Bella was designed with best-in-class amenities, including an expansive 5,400-square-foot club house, Junior Olympic swimming pool that is heated year-round and spa, a 24-hour commercial grade fitness facility stand-alone yoga studio with a tranquil Zen garden, bocce ball courts, 24-hour heated bike maintenance and repair facility, electric car charging station, an onsite carwash and detached garages for each unit.

The project, located approximately four miles southeast of Boulder, provides residents central access to major employment centers in downtown Boulder, Interlocken/Broomfield and downtown Denver via the US 36 Denver/Boulder Turnpike. Luna Bella is connected to the Boulder County Trail System for easy bicycle commuting and is also within the desirable Boulder Valley School District.

The purchase of Luna Bella represents Buchanan Street’s continued investment focus on acquiring high quality multifamily assets in suburban locations proximate to major metropolitan areas. The firm also recently purchased a 298-unit apartment community in the greater Salt Lake City, Utah area.

“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 Partners.

Buchanan Street was attracted to the investment due in part to supply constraints marked by the limited availability of land zoned for multifamily use, an issue that has long defined the Boulder submarket. “The acquisition of Luna Bella was also appealing due to the strong economic and demographic fundamentals in Metro Denver,” added Hampton. “Denver’s high quality of life and highly educated workforce is attractive to employers and residents alike.”

Doug Andrews, Shane Ozment and Terrance Hunt with ARA Newmark Institutional Team represented Milestone Apartment Developers LLC in the transaction."

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