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(ARA Newmark) announces the $60.25 million sale of Luna Bella, a 240-unit, Class AAA asset located in Lafayette, CO. Vice Chairmen Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews, and Executive Managing Director Chris Cowan represented Denver-based Milestone Apartment Developers, LLC in the sale to Newport Beach-based Buchanan Street Partners, a nationally recognized real estate investment management firm. Executive Vice President Kevin Hampton led Buchanan in its acquisition of Luna Bella and heads their direct investment in multifamily properties in the Western US.
Built in 2015, the asset features brand-new, luxury amenities such as 5,400-square-foot clubhouse, barbeque grills, a fire pit, a spa, Bocce ball and horseshoe courts, a volley ball court, a bike shop, a pet-washing station and an electric car charging station. Unit interiors mirror the attention to detail put into the community amenities, with granite countertops, stainless steel appliances, glass-top ranges, large patios and balconies, front-loading washers and dryers, walk-in closets and USB outlets.
“Luna Bella’s two-level clubhouse appealed to investors as well as residents; the building was designed around fitness and social interaction with its year-round lap pool and dedicated yoga studio, as well as its communal beer taps and wine fridge,” said Hunt. “Both Denver and Boulder are easily accessible from Luna Bella via Northwest Parkway and the US-36 corridor, where we continue to see remarkable tech growth.”
Located at 695 South Lafayette Drive, Luna Bella is ten minutes from the Denver-Boulder Turnpike (US-36), which has emerged as a prolific tech landscape with 140 out of every 1,000 jobs belonging to the STEM industry. Additionally, the Good Samaritan Medical Center is across the street from Luna Bella. The 477,000-square-foot, 234-bed hospital employs 1,120 physicians and 1,310 associates.
Residents of Luna Bella have easy access to recreation in Boulder as well as on the Rock Creek Trail, which is adjacent to the property. The 12-mile soft-surface trail, which runs from Lafayette through Superior, connects to another 14-mile stretch of trail from Superior to Erie, the Coal Creek Trail.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the leading investment advisory firm in the multihousing industry. From marketing the sale of single assets and portfolios to, through the Newmark Capital Markets brand, sourcing acquisition and development equity and financing, ARA Newmark provides 360-degree solutions for clients. In addition to market-rate and mixed-use properties, we offer specialized services in land, student, seniors, manufactured and affordable housing.
With the industry’s deepest bench of multihousing advisors, ARA Newmark provides the insight and experience to ensure world-class execution. Our advisors average 20 years’ experience and are the most skillful negotiators in the industry. They are experts in 300+ markets and provide asset-specific customization that yields highly effective transaction strategies. By leveraging our proprietary database that identifies 200 percent more investor interest, each advisor has ready access to unique market intelligence to drive demand.
Backed by the global resources of Newmark, ARA Newmark matches each client’s assets to a robust group of investors - from private and institutional owners to global entities - and accesses nearly every commercial real estate class for options to diversify and profit.
The firm’s combination of asset sales and, through the Newmark Capital Markets brand, debt and equity services and specialty practice groups yields more than $19 billion in transaction volume annually. ARA also works closely with its affiliate Berkeley Point, which is a leading commercial real estate finance company focused on the origination, servicing and sale of multifamily loans through government-sponsored and government-funded loan programs. For more on ARA Newmark’s multihousing-exclusive services, visit www.aranewmark.com.
Newmark and ARA are owned by Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”. Newmark Group, Inc. is a publicly traded subsidiary of BGC Partners, Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.