Description

JLL Capital Markets has been retained as the exclusive investment advisor in the sale of Legacy Heights, a 384-unit, two-story garden-style apartment community located in the Westminster submarket, a rare opportunity to acquire scale in one of Denver’s most desirable neighborhoods. Originally completed in 1998, Legacy Heights offers immediate, proven value-add upside. Current ownership’s renovation program has demonstrated the premium potential, yet the overwhelming majority of units remain in classic or partially renovated condition, with in-place rents sitting $100–$200 below newer and renovated competition. New ownership inherits a de-risked business plan: continue a program already validated at the property, in a submarket where zero multifamily units are under construction within a three-mile radius.

Westminster fundamentals are among the strongest in metro Denver, with over 37% cumulative rent growth and 5.2% average vacancy since 2016. Further supported by the strong demographics surrounding Legacy Heights, with average home prices exceeding $534K and household incomes over $120K (within a three-mile radius). With the cost of owning a home in the area running nearly 2x the cost of renting at Legacy Heights, the property captures a deep and durable pool of renters with substantial untapped pricing power for the foreseeable future.

Positioned on 103rd Avenue with direct access to US-36, I-25, and the metro’s major employment hubs, and surrounded by 21.5 acres of low-density (±18 units/acre), walk-up product that cannot be replicated at today’s costs, Legacy Heights stands as one of the most compelling value-add opportunities of scale in the Denver metro.

...