Starlight Acquires Suburban Denver Property

In the last few months, the Toronto-based investor has added some $270 million of Class A multifamily properties in the U.S., most recently Broadstone Montane in the Denver suburb of Parker, Colo.
Broadstone Montane

Starlight U.S. Multi-Family, a privately-held company based in Toronto, has acquired a 400-unit, garden-style apartment community in Parker, Colo., an affluent suburb of Denver.

Completed in 2018, Broadstone Montane is located at 18301 Cottonwood Drive and comprises 23 three-story apartment buildings with floor plans ranging from studios to three-bedroom townhomes. Amenities include a resort-style pool, spa, lazy river and cabanas, a 1.5-mile, on-site mountain bike and hiking trail connected to Cherry Creek Trail and Cherry Creek State Park. Also featured are an outdoor bouldering rock, outdoor dining/grilling stations with large fire pits, community gardens, private garages, clubhouse and 24-hour fitness center with yoga studio.

The property, which was previously called Broadstone Vantage Point, is 72 percent occupied, according to Yardi Matrix data.

Close to major employers

Broadstone Montane is situated near the intersection of E-470 and Highway 83, offering access to the Denver Tech Center and downtown Denver. Residents are able to easily reach major employers such as Parker Adventist Hospital, Molson Coors, Western Union, Arrow Electronics, DISH Network and metro Denver’s rapidly-growing technology-related job hubs.

Apartments feature designer kitchens, Euro-style cabinetry with upgraded hardware, stainless steel appliances, private patios or decks, hardwood-style flooring, modern ceiling fans with integrated lighting, above-standard ceiling heights, walk-in closets with built-in shelving, built-in desks, microwave ovens, high-speed Internet, under-mount kitchen and bathroom sinks, in-unit washers and dryers and open, peninsula or island kitchen configuration options.

With the acquisition of Broadstone Montane, we have acquired approximately $270 million of Class A multifamily real estate in the last 60 days and expect to accelerate our acquisition program in 2019,” Starlight U.S. Multi-Family President Evan Kirsh said in prepared remarks.

Starlight has retained as property manager Alliance Residential, the management arm of the company that developed the property. Alliance currently manages nine properties for Starlight, located in Arizona, Nevada and Texas.

In November, the Canada-based company paid $73.5 million for a 356-unit luxury community in Orlando, Fla., as part of a $1.3 billion acquisition drive to acquire Class A multifamily properties in suburban markets.

Image courtesy of Starlight U.S. Multi-Family