Buchanan Street Partners, through its Buchanan Funds, has invested $5.5 million in joint venture equity with PCS Development to build The Premier at CityPlace, a 221-unit luxury apartment complex in Long Beach, Calif.

The development includes five buildings of three stories each, with ground-floor retail space that is currently under construction by Developers Diversified Realty Corp. It will feature a Class-A amenity package, including a swimming pool with outdoor fireplace, fitness center, theater and business center. Occupancy is scheduled for early summer of 2003.