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

DENVER-Equity Residential strengthens its foothold in the Cherry Creek area, buying its second multifamily complex in three years. The purchase price sets a per sf record, $140.07, for a low-rise complex.

By John Rebchook | Updated on November 24, 2000

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.

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