MIG Acquires Westminster Apartment Community, Plans Renovations
MIG Real Estate (MIG) recently purchased The Links at Legacy Ridge, a 232-unit multifamily community in Westminster, for $94 million, according to public records.
Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke with CBRE Capital Markets’ Debt and Structured Finance team in San Diego secured $45.7 million in aquisition financing in the form of a 10-year, fixed-rate loan on behalf of MIG. MIG will use a portion of the loan to renovate all 232 apartment units and exterior common areas to its scope.
“Denver’s rapid growth, net in-migration and high housing costs are fueling the metro’s multifamily market. With rents rising in all submarkets, The Links at Legacy Ridge will allow MIG to take advantage of a mark-to-market opportunity while still providing residents with a relatively affordable living option,” said Peterson. “Moreover, MIG plans to capitalize on future rent growth with premium upgrades to fully realize the property’s upside potential.”
Built in 1999 and located at 2710 Bruchez Parkway, the garden-style community sits on 12.9 acres and is comprised of 15 buildings. The property features a low density of 18 units per acre and offers 132 one-bedroom, 84 two-bedroom and 16 three-bedroom floor plans. Unit amenities include nine-foot ceilings, fully equipped kitchens, full-size washers and dryers, private balconies and patios, walk-in closets and detached one- and two-car garages. Community amenities include a year-round pool and spa, clubhouse, fitness center, business center and yoga studio, as well as picnic and barbeque areas and on-site management and maintenance.
“We see significant long-term opportunity in adding Links at Legacy Ridge to our growing metro Denver portfolio, driven by the region’s sustained population growth, continued influx of tech companies and new development that promises to attract even more jobs to the region,” says Clark Cannon, who oversees MIG’s multifamily investments in the region. “Westminster and surrounding neighborhoods will continue to benefit as renters look to the suburbs for more space, relative affordability and easy commutes within a vibrant and growing market.”