Blackstone affiliate buys The Lofts at Highlands in Longmont

LONGMONT — The builder of The Lofts at Highlands apartment community in Longmont’s Fox Hill neighborhood sold the property last week for $86.45 million.

Echelon Longmont LLC, a holding company for Indiana-based multifamily residential developer The Garrett Cos., offloaded the four-story, 266-unit complex to 1685 Cowles Ave Owner LLC, an entity registered to the Chicago address of Revantage, a real estate asset management-services company owned by private-equity giant Blackstone Inc. (NYSE: BX), Boulder County real estate records show. 

Built in 2023, The Lofts at Highlands features one-, two- and three-bedroom rental units. Amenities include a pool, yoga studio, gym and dog park. 

The Garrett Cos., which has built a number of multifamily projects along the Front Range, mainly around Denver and Colorado Springs, won approval this spring to begin building a complex in Broomfield

That project, located at the northeast corner of Sheridan Parkway and East Baseline Road in the Vista Highlands subdivision, would have three four-story structures, each with a mixture of apartment sizes. The plan calls for 154 one-bedroom, 155 two-bedroom and 54 three-bedroom units, sized at 784, 1,181 and 1,302 square feet respectively, according to Broomfield planning documents. Average monthly market rents are projected at $1,880 for a one-bedroom apartment, $2,500 for a two-bedroom unit and $2,750 for a three-bedroom residence.