San Antonio-based EMBREY has acquired an approximately 18-acre site at the northwest corner of U.S. 287 and Dillon Road in Lafayette for $38.5 million, with plans to advance the first phase of the entitled Sundar multifamily development.
CBRE arranged the transaction, representing seller Milestone Development Group. Martin Roth and Eric Roth of CBRE represented Milestone.
Milestone acquired approximately 36.14 acres at the site in 2018 and subsequently entitled the property as Sundar Phases I & II, a planned 684-unit multifamily development. Embrey’s acquisition includes Phase I, which is approved for 324 apartments, along with site-work improvements and related entitlements. Phase II is approved for an additional 360 units. The overall project includes a clubhouse and outdoor pool for each phase, according to the City of Lafayette.
Milestone will remain a partner in the project following the sale.
“Having developed past multifamily projects in Lafayette, Prana and Luna Bella, we’re big believers in the city and in partnering on this project with EMBREY,” said Ken Kiken, owner and managing partner of Milestone Development Group.
The transaction follows action by Lafayette City Council in April to extend Phase I building permits to facilitate Milestone’s sale of the entitled project to EMBREY. City records indicate that no vertical construction had occurred on Phase I at the time.
Galloway provided conceptual architectural design for Phase I, which calls for 324 for-rent apartments in nine buildings, along with a clubhouse and detached garages.
The site is near the U.S. 36 and I-25 employment corridors and offers access to Boulder, Denver and Northern Colorado.
“The site is a premier location within Boulder County and well positioned for success,” said Roth. “MILESTONE and EMBREY have each been building multifamily projects in Colorado for decades, so it was no surprise to see the two groups work seamlessly together.”
The acquisition comes as multifamily fundamentals in the Boulder submarket strengthen. CBRE reported no new multifamily completions in Q2 2026, while the submarket’s vacancy rate declined one percentage point from the previous quarter to 4.5%.
