HERRIMAN, Utah — Buchanan Street Partners has acquired a 298-unit age-restricted apartment community in the Salt Lake City suburb of Herriman for an undisclosed price.
The sellers were KeyBank and Bank of the West. Buchanan Street plans to finish construction of the unfinished property in early 2018. The name of the community was not released.
Previously focused on the office, industrial and retail sectors, Buchanan Street launched a multifamily investment platform in March. The company plans to invest $500 million in multifamily properties over the next three years.
Kip Paul and Camron Carpenter of Cushman & Wakefield represented the sellers in the transaction. Buchanan Street represented itself.
Buchanan Street Partners is a real estate investment firm based in Newport Beach, Calif. Over its history, the company has invested more than $6 billion in real estate debt and equity.