Denver-Area Rentals Up For Grabs
Seagate Properties is shopping a suburban Denver apartment complex valued at an estimated $93 million.
The 232-unit Links at Legacy Ridge, in Westminster, is on the market as a value-added play. The estimated value comes out to roughly $401,000/unit. Northmarq is representing Seagate, of San Rafael, Calif.
The property is 96% occupied. Its one- to three-bedroom units average 924 sf and rent for an average $1,600, or $1.73/sf. Amenities include a clubhouse, a fitness center, a pool and spa, and detached garages.
The property, at 2710 Bruchez Parkway, was built in 1999. According to marketing materials, 141 units were renovated in 2013, but the scope of the upgrades didn’t include high-end finishes such as stainless-steel appliances and quartz counters. The pitch is that a buyer could continue to raise rents by upgrading the 91 unrenovated units while further updating the renovated ones.
Marketing materials note that there is a high barrier to entry for multi-family developers in Westminster due to high fees to connect to utility services. What’s more, the majority of undeveloped land in close proximity is designated open space.
Legacy Ridge is adjacent to the Legacy Ridge Golf Course with high visibility along Federal Boulevard. Downtown Denver is 10 miles south and Boulder is 14 miles northwest.
Seagate has acquired more than 3,500 apartment units in Colorado since 2011. It purchased the offered property, then known as Griffis Legacy Ridge, in 2017 from Griffis Residential of Greenwood Village, Colo., for $56.8 million, or $245,000/unit.