The estate of three-story blocks

Highlands Ranch, Colorado | Multifamily | December 2017

Legacy at Highlands Ranch

A high-quality, garden-style apartment community in suburban Denver.

Lounge sets in a bright spacious hall

About the building

Legacy at Highlands Ranch is a luxury multi-family apartment complex of over 400 units with a strong amenity package including fitness and business centers, a sizeable clubhouse and a pool with grilling and picnic areas. The unit layouts are efficient and feature 9’ ceilings, in-unit washer/dryers, balconies and attached/detached garages in select units.

Investment rationale

Highlands Ranch is an affluent suburb of Denver which has experienced extensive population growth over the last 30 years, expanding from just over 10,000 people in 1990 to over 95,000 people in 2010. Median household incomes are over $100,000, and the community benefits from excellent local amenities and businesses, making it a very desirable place to live.

Built in 1999, the apartments at The Legacy at Highlands Ranch were dated and only attracting submarket rents. The Clubhouse in particular was poorly planned from a space perspective and lacked modern amenities. Unit interiors and common areas remained largely untouched since construction, offering the LaSalle Property Fund the potential to achieve core plus returns through common area and unit renovations.

Improvement works

Once the transaction was complete in late 2017, LaSalle’s Asset Management team took on a series of improvement works, including:

What we achieved

Improvement works to The Legacy at Highlands Ranch have had a sustained and positive impact for both residents, who have benefited from the substantial improvements to the complex, and the LaSalle Property Fund. Improvement works have commanded higher rents, and current occupancy levels are over 90%, helping to provide stable and reliable income for the Fund.

Modern building with light illumination upstairs

Legacy at Highlands Ranch is part of the LaSalle Property Fund portfolio

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.