Buchanan Acquires $60M CO Property

The firm purchased the 240-unit Luna Bella in the Denver submarket of Lafayette. ARA Newmark represented the seller, Milestone Apartment Developers, in the transaction.

Luna Bella, Lafayette, Colo.
Luna Bella, Lafayette, Colo.

Buchanan Street Partners has acquired Luna Bella, a newly-built Class A apartment community in Denver’s submarket of Lafayette, Colo. The property was purchased for $60.3 million from Milestone Development Group. According to Yardi Matrix, the sale was subject to a $40 million loan held by New York Life Insurance Co. 

“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 acquisition of Luna Bella was also appealing due to the strong economic and demographic fundamentals in Metro Denver. Denver’s high quality of life and highly educated workforce is attractive to employers and residents alike.”

Exploring Luna Bella

Located at 695 South Lafayette Drive, the pet friendly community offers one- and two-bedroom floorplans ranging from 725 to 1,076 square feet. Comprising 10 three-story buildings, the property is currently 94.2 percent occupied according to Yardi Matrix. Interior features include granite countertops and backsplashes, stainless steel appliances with glass top ranges, USB outlets, plank vinyl flooring, full-size balcony/patios, full-size washer/dryers, built-in computer desks with granite, three-tone designer paint colors, soaking tubs, showers with subway tile, walk-in closets, oversized windows and sound insulated walls and ceilings. Residents have access to amenities including: 

  • 5,400-square-foot clubhouse with Wi-Fi and seating
  • four lane Junior Olympic heated swimming pool 
  • large sundeck and baja shelf
  • five barbecue grills
  • fireplace 
  • picnic area
  • spa
  • stand alone Yoga studio with Zen Garden
  • Lighted bocce, horseshoe and volleyball courts
  • 2,000-square-foot state-of-the-art 24-hour health club
  • four bikes for resident use 
  • heated 24-hour bike maintenance and repair facility
  • on-site seasonal car wash
  • conference room
  • community events
  • heated pet washing station and seasonal pet water fountain
  • connection to Boulder County 22 mile trail system 
  • full-size single car garages
  • extra storage
  • electric charging stations 

The community is within close proximity to downtown Boulder, Interlocken/Broomfield, downtown Denver, US 36 Denver/Boulder Turnpike and is within the Boulder Valley School District. 

Vice Chairmen Doug Andrews, Shane Ozment and Terrance Hunt of ARA Newmark represented Milestone in the deal. Last October, the three Vice Chairmen also brokered the $141.5 million sale of a luxury community in Denver, the 218-unit Steele Creek. 

Image courtesy of Buchanan Street Partners