California real estate management firm acquires Fort Collins apartment complex for $74M

FORT COLLINS — Real estate investment group Buchanan Street Partners LP closed on a deal to purchase The Vibe apartment complex on Fort Collins’ east side in recent weeks for $74 million.

The Newport, California-based Buchanan Street Partners purchased the property at 3707 Le Fever Drive from Denver-based Milestone Development Group and a subsidiary registered to Fort Collins developer Les Kaplan, according to Larimer County property records.

Milestone and Kaplan both held a 50% interest in the property. County officials last valued the 10.15-acre land and 276-unit complex at $63.75 million. The $74 million sale price reflects a sale of just less than  $268,116 per unit.

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The complex, located just south of Banner Health’s Fort Collins Medical Center and just more than a mile away from the Harmony Road/Interstate 25 junction, offers studios, single-bedroom and double-bedroom units ranging from 562 square feet to 1,014 square feet.

Monthly rents run between $1,300 to $1,725.