LaSalle Investment Management Buys CO Community
The 20-building property was 93.1 percent occupied as of October. The community is close to major employment centers such as Denver tech Center and Lucent Business Park.
By Adina Marcut
LaSalle Investment Management acquired Legacy at Highlands Ranch, a 422-unit community in Highlands Ranch, Colo. The company purchased the property on behalf of its U.S. fund, LaSalle Property Fund. According to Yardi Matrix, the asset last traded in 2016 when Starwood Capital Group bought it for $96.8 million.
Located at 355 W. Burgundy St., the property offers convenient access to Town Center, South Broadway, Lucent Boulevard, the Mineral Light Rail Station and to major employment centers such as Denver tech Center and Lucent Business Park. Built in 1999, the 20 two- and three-story buildings feature one- and two-bedroom units, ranging in size from 707 to 1,093 square feet. Each unit offers amenities such as washer/dryer, dishwasher, air conditioning, fireplace, garden tub and private patio/balcony.
The pet-friendly property offers common area amenities such as:
- swimming pool
- hot tub
- business center
- fitness center
- outdoor grilling station
Legacy at Highlands Ranch was 93.1 percent occupied as of October, according to data provider Yardi Matrix. The community had an average rental rate of $1,371 as of November.
“The Denver suburbs have experienced significant demographic tailwinds in recent years, which has benefited property fundamentals and led to market outperformance,” managing director of acquisitions at LaSalle, Summit Walia said in a statement. “While there is a fair amount of supply set to deliver in downtown Denver, very little is underway in the top suburban areas, and we feel confident this high-quality asset is well-positioned for continued strong performance.”
LaSalle Investment Management’s latest transaction included a $47.3 million acquisition of Johns Creek Commons, a 210-unit mixed-use community in Johns Creek, Ga.
Image courtesy of Yardi Matrix