Constructed in 1999, Legacy Ridge offers 9’ ceilings, units on average 100sf larger than current norm for new construction, an irreplaceable location in a high barrier to entry submarket along with an opportunity to update amenities, unit interiors and drive rents. Located in Westminster, Legacy Ridge is located in one of the most difficult submarkets to develop new apartment product due to high utility tap fees, the requirement for a PUD and the city’s Comprehensive Plan which anticipates only 636 units of high-density housing over the next 18 years.
Legacy Ridge is adjacent to the Legacy Ridge Golf course with high visibility along Federal Boulevard and the majority of undeveloped land in close proximity is designated Open Space. Approximately 141 units were renovated in 2013 and the scope did not include high end finishes such as stainless appliances and quartz countertops. The opportunity exists to update the 91 un-renovated units and take the 141 units completed in 2013 to the “next level”. In addition, Seagate is completing a full exterior paint of the property, replacing all of the roofs, and extensive landscaping, pool and amenity upgrades.