InvestmentMultifamily

New York Investment Firm Acquires Legacy on the Promenade

The Praedium Group, a New York based national real estate investment firm, has acquired Legacy on the Promenade in Westminster forĀ $93.5 million according to public records. The firm purchased the apartment building from California-based Legacy Partners.

Constructed in 2018, Legacy on the Promenade is comprised of an elevatored 4-story building with interior conditioned hallways and a 6-level central parking garage. In addition, there are 24 townhome units with attached 2-car garages. One-, two- and three-bedroom units range from 641 square feet to 1,888 square feet and include features such as 9 ft to 20 ft ceilings, lakefront views, granite countertops, and stainless-steel appliances.

The property is conveniently located adjacent to the Denver Boulder Turnpike. The US-36 corridor, which is also known as the ‘Silicon Valley of the Rockies,’ boasts the largest concentration of tech office in Colorado.

“The Denver MSA has experienced population and job growth that has exceeded the national average for some time. The Property is located on the border of Broomfield and Westminster, benefiting from easy access to US-36, which puts it in close proximity to one of the fastest growing employment centers in the Denver MSA; an area that has seen job creation in the technology, aerospace, financial services, health and life sciences, and hospitality sectors,” said Mr. Calatozzo. “The purchase of Promenade continues our strategy of purchasing high quality properties in growth markets. Over the next several months we intend to rebrand the Property and make several enhancements to the amenity areas.”

The Property sits within walking distance of Westminster Promenade and The Shops at Walnut Creek, which has collectively over 600,000 square feet of retail, restaurants and entertainment, and is in close proximity to several grocers and Flatiron Crossings (1.5M SF and the third largest retail center in the Denver MSA). Tenants can also walk to the U.S. 36 Bus Rapid Transit System (BRT).

The 36 Corridor is home to over 20 corporate, national and regional headquarters and several Fortune 500 companies, including Ball Corporation, Oracle, CenturyLink, Trimble, and Vail Resorts. Recent corporate relocations and expansions in the area are expected to create approximately 8,000 new jobs, including Crocs, Partners Group, Trimble and Medtronic.

“The Property offers a true live-work-play environment, with walkability to over 600,000 SF of retail and entertainment options, as well as easy access to over 127,000 jobs in the surrounding area,” said Lindsay Schuckman, vice president of the Praedium Group.

Photo courtesy of apartments.com

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