CBRE Arranges $45.7 Million in Financing for 232-Unit Multifamily Community in Westminster, Colo.

CBRE has secured $45.7 million in financing for the acquisition of The Links at Legacy Ridge, a 232-unit multifamily community in Westminster, Colo.

Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke with CBRE Capital Markets’ Debt and Structured Finance team in San Diego secured the 10-year, fixed-rate loan on behalf of the sponsor and owner, MIG Real Estate (MIG). MIG recently purchased the property from Seagate Legacy Associates and will use a portion of the loan to renovate all 232 apartment units and exterior common areas to its scope.

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.

“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.”