LAFAYETTE — Buchanan Street Partners, a Newport Beach, Calif.-based real estate investment management firm, has acquired Luna Bella Apartments, a 240-unit multifamily project in Lafayette.
Buchanan Street purchased the newly built Class A apartment community from Milestone Development Group for $60.25 million, or $251,041 per unit.
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 company said in a press release. The firm also recently purchased a 298-unit apartment community in the greater Salt Lake City 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,” Kevin Hampton, executive vice president at Buchanan Street Partners, said in a prepared statement.
Luna Bella — located at 695 S. Lafayette Drive near Good Samaritan Medical Center —includes a 5,400-square-foot clubhouse, Junior Olympic swimming pool and spa, a 24-hour commercial-grade fitness facility, stand-alone yoga studio with a 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.
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 company said.
“The acquisition of Luna Bella was also appealing due to the strong economic and demographic fundamentals in Metro Denver,” Hampton added. “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.
Buchanan Street Partners has invested more than $6.5 billion in real estate debt and equity investments since its inception.