DENVER — The Legacy at Highlands Ranch, a 422-unit asset located in the 22,000-acre master-planned community of Highlands Ranch — recognized by Forbes as one of the top places to move in the nation — has sold for $112 million, according to sources.
ARA, A Newmark Company (ARA Newmark) Vice Chairmen Terrance Hunt and Shane Ozment represented an undisclosed seller in the sale to Chicago-based LaSalle Investment Management, one of the world’s leading investment managers.
“The Legacy at Highlands Ranch is one of the most unique assets poised for improvements in metro Denver, generating a very competitive bidding process among the most active investors in the world,” said Hunt. “The property is a textbook value-add investment opportunity with exteriors featuring tile roofs as well as brick and stone details, while the interiors remain in original condition. To better position the asset in this traditionally strong submarket, the buyer intends to renovate unit interiors and the clubhouse.”
In Q3 2017, the Highlands Ranch submarket averaged rents of $1.63 per square foot, up 6.5 percent from the last 12 months.
Completed in 1999 at 355 West Burgundy Street, The Legacy at Highlands Ranch features high ceilings, spacious floor plans, walk-in closets, large private balconies or patios, and direct-access garages in select units. The property is zoned for Douglas County School District, one of the top-performing districts in CO.
Image courtesy of ARA Newmark
