Links at Legacy Ridge

Posted: 10/13/2011
232 Units
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About Links at Legacy Ridge

Cushman & Wakefield is pleased to present the opportunity to purchase Links at Legacy Ridge, a 232-unit apartment community in Westminster, Colorado. The property is being offered without an asking price and is subject to the assumption of the existing loan. Built in 1999, the Links at Legacy Ridge is a well-designed apartment community with expansive floor plans and an upscale amenity package. Located in metro Denver’s northwest region, residents enjoy a quiet suburban lifestyle out of the busy city-centers with easy access to several parks, golf courses and extensive open space. Just three miles east of Highway 36 and equidistant from both Denver and Boulder, the property is strategically situated in close proximity to several major employment centers and a myriad of dining, entertainment and retail options. Premier Location The Links at Legacy Ridge, with its dramatic mountain views, is a beautifully landscaped community located next to Valley View Park and adjacent to the premier Legacy Ridge Golf Course. The property sits in the city of Westminster amongst 2,850 acres of open space, 55 parks, 4 golf courses and 17 miles of hiking and biking trails. Proximity to Major Employment Centers Links at Legacy Ridge is situated in the northwest region of metro Denver along the Highway 36 corridor, equidistant to major employment centers in both Denver and Boulder. This region is home to the Interlocken Advanced Technology Environment, one of Denver’s premier business parks with over six million SF of office space. The Highway 36 corridor consistently attracts some of the nation’s top aerospace, technology and renewable energy companies. ConocoPhilips, Vestas, Ascent Solar, and General Dynamics are a few of the companies expanding in the area. In fact, ConocoPhillips is developing their world headquarters in Louisville, located just west of the property, which plans to employ over 7,000 workers, making the energy giant the fourth-largest private employer in Denver. Value-Add Opportunity The ownership is currently renovating a sampling of units at an average cost of $4,950/unit and offering them at a $100 premium. Renovations include resurfaced countertops, new appliances, flooring and upgraded light fixtures. Reflecting strengthening multi-family fundamentals in the metro area, newer and recently renovated properties are achieving rental rates 15% greater than those currently achieved at the Links at Legacy Ridge. Discount to Replacement Cost The cost for new construction in the Westminster submarket is in excess of $160,000 per unit. Links at Legacy Ridge has an irreplaceable location in the Legacy Ridge development that cannot be recreated today in other suburban markets.