Starlight adds Broadstone Montane with $120M buy

Located at 18301 Cottonwood Drive, near the intersection of E-470 and Highway 83, the complex comprises 23 three-story apartment buildings. 

A Toronto-based full-service multifamily and commercial real estate investment and asset management company added to its Colorado holdings with its purchase of a Parker apartment community.

Starlight U.S. Multi-Family purchased Broadstone Montane, a 400-unit Class A community completed in 2018, for $120 million, or $300,000 per unit, according to public records. Alliance Residential Co., under the name Broadmoor Vantage Point, sold the community, which it developed.

Located at 18301 Cottonwood Drive, near the intersection of E-470 and Highway 83, the complex comprises 23 three-story apartment buildings.

Community amenities include a resort-style pool, spa, lazy river and cabanas; a 1.5-mile on-site mountain bike and hiking trail connecting to the Cherry Creek Trail and Cherry Creek State Park; an outdoor bouldering rock; outdoor dining/grilling stations with large fire pits; community gardens; private garages; a clubhouse; and a 24-hour fitness center and yoga studio. It also is across the street from a King Soopers Marketplace and the Crown Point commercial district, which includes Boondocks Family Fun Center, Life Time Fitness and Costco.

Apartments at Broadstone include designer kitchens with granite countertops and Whirlpool stainless steel appliances, Euro-style cabinetry with upgraded hardware and open shelving, rustic hardwoodstyle plank flooring and Berber-style carpeting, and fullsize, front-load in-unit washers and dryers. Select units include walk-in closets, a custom gear bench at the entry, built-in desks and storage, and patios and decks. The community features studio, one-, two- and three-bedroom units.

“We are very pleased to add another luxury apartment community to our U.S. institutional partnership,” Evan Kirsh, president, Starlight U.S. Multi-Family, commented on the transaction. “With the acquisition of Broadstone Montane, we have acquired approximately $270 million (U.S.) of Class A multifamily real estate in the last 60 days and expect to accelerate our acquisition program in 2019.”

Starlight has retained Alliance Residential’s management arm as property manager. Alliance currently manages nine properties for Starlight in Arizona, Nevada and Texas.

Starlight also owns the Carrick Bend and Parkhouse apartments in Colorado.

Featured in CREJ’s March 6-19, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…