December 14, 2017
Legacy at Highlands Ranch, a 422-unit garden-style apartment community in Highlands Ranch, was acquired by LaSalle Investment Management on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (LPF). The seller and acquisition price were undisclosed.
LaSalle Property Fund’s Jim Garvey says, “Legacy at Highlands Ranch offers tremendous stabilized value along with upside potential associated with a modest renovation program. This acquisition advances our investment strategy of owning high quality assets located within markets that have a healthy demand/supply balance.”
Built in 1999 at 355 West Burgundy St., Legacy at Highlands Ranch presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents. The property offers convenient access to major employment centers, including Denver Tech Center and Lucent Business Park, and is expected to benefit from an extension of the Light Rail into Highlands Ranch.
For comments, questions or concerns, please contact Dennis Kaiser