Village at Legacy Ridge

village-case-study-half-pageProperty Type:  Garden-style, two & three story walk-ups

Size:  221 units with attached garages in most units

Location:   Westminster, CO – direct access to golf course and extensive trail network

Investment Strategy:  Build-to-core – acquired land, developed and long-term hold

Current Occupancy:  99%

 

 

The Story:

  • Developed 221 units in joint-venture with Institutional Investor in 2001
  • Investor exited in 2006 with 14%+ IRR
  • Corum has maintained continuous ownership and management since completion
  • Recapitalized the property three times, all investors exiting at 12%+ IRR
  • Consistently leading the submarket in occupancy and rental rates –
  • City of Westminster touts the Village on their website as best-in-class multi-family development
  • Solar panels added in 2012, partially funded via tax credits, to power common areas