BOULDER — Luna Bella Apartments, a 240-unit multifamily project in Lafayette, Colorado, has been purchased by Buchanan Street Partners — a California-based real estate investment management firm — from Milestone Development Group, for $60.25 million.
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.
“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.
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. Luna Bella is connected to the Boulder County Trail System for easy bicycle commuting and is also within the desirable Boulder Valley School District.
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.”
The ARA Newmark Institutional Team, spearheaded by Vice Chairmen Doug Andrews, Shane Ozment and Terrance Hunt, represented Milestone Apartment Developers, LLC in the transaction.
