LaSalle Completes Core Plus Acquisition of Legacy at Highlands Ranch in Denver Market
CHICAGO (December 13, 2017) – LaSalle Investment Management (“LaSalle”) announced the acquisition of Legacy at Highlands Ranch, a 422-unit garden-style apartment community located at 355 West Burgundy Street in Highlands Ranch, Colorado. LaSalle purchased this multifamily property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (LPF).
Legacy at Highlands Ranch is located in the affluent Denver submarket of Highlands Ranch, which boasts a strong demographic profile and a highly rated school district. The property offers convenient access to major employment centers, including Denver Tech Center, Lucent Business Park and more. The asset is expected to benefit from an extension of the Light Rail into Highlands Ranch, which will connect to the broader Denver area and downtown’s Union Station. The extension has been approved by municipal officials, and would be located within minutes of the property at the intersection of Lucent Blvd. and C-470.
Built in 1999, Legacy at Highlands Ranch also presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents.
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “Legacy at Highlands Ranch offers tremendous stabilized value along with upside potential associated with a modest renovation program. This acquisition advances our investment strategy of owning high quality assets located within markets that have a healthy demand/supply balance.”
Denver is one of the fastest growing metropolitan areas with annual population growth of 2.3% from 2010-2016 according to U.S. Census data, a trend that is expected to continue to outpace the national average. As a result, apartment demand is expected to remain strong, with continued rental growth predicted in the foreseeable future as the local job market remains robust and population continues to increase.
Summit Walia, Managing Director of Acquisitions at LaSalle, commented: “The Denver suburbs have experienced significant demographic tailwinds in recent years, which has benefited property fundamentals and led to market outperformance. While there is a fair amount of supply set to deliver in downtown Denver, very little is underway in the top suburban areas, and we feel confident this high-quality asset is well-positioned for continued strong performance.”
About LaSalle Property Fund
LaSalle Property Fund invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across United States. Drawing from LaSalle Investment Management, Inc.’s 35-year track record of core real estate investment on behalf of sophisticated institutional investors, LaSalle Property Fund aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through a proven investment process and platform that leverages LaSalle’s industry-leading market research.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management of all LaSalle Investment Management affiliates. LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle Investment Management affiliates sponsor a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management affiliates are wholly-owned, operationally independent subsidiaries of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
NOTE: This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.