183-Unit Legacy at Cherry Creek Fetches Record-Breaking $140-Per-SF Sales Price

DENVER-Chicago-based Equity Residential is shelling out $23.6 million, setting a record price for a low-rise apartment complex in the region. Legacy Partners will realize $18,934 per unit and $140.07 per sf for the 183-unit Legacy at Cherry Creek.

“I think Equity sees it as an irreplaceable location,” Chuck Sweeney, a broker with the Denver office Hendricks & Partners told GlobeSt.com. “It’s a pretty high price per sf and I’m sure it’s a very aggressive cap rate. Equity Residential owns the 216-unit Crescent, around the corner, so the Legacy is probably worth more to them than another buyer.”Equity had paid $14.6 million, or $67,600 per unit, in 1997 for the Crescent, which had been built in 1993, according to Sweeney.