Legacy Partners Divests of Two Denver-Area Multifamily Communities

DENVER AND WESTMINSTER, COLO. — Legacy Partners has completed the sales of two apartment communities located in Denver and Westminster.

In the first transaction, Avanath Affordable Housing IV LLC acquired Fox Crossing Apartments, a 220-unit affordable housing community in Denver. Built in 1997, the property features one-, two- and three-bedroom floor plans with an average unit size of 941 square feet. Community amenities include a basketball court, business center, outdoor picnic area, outdoor swimming pool and community garden. Legacy will remain the property management firm of record. The property operates under the Section 42 Low Income Housing Tax Credit program.

Dan Woodward, David Potard and Matt Barnett of CBRE’s Denver office, along with Spencer Hurst, Tim Flint and Taylor Froland of CBRE Affordable Housing in Seattle, represented the seller in the deal.

In the second transaction, The Praedium Group purchased Legacy on the Promenade, a 300-unit apartment community that was delivered in fall 2018. Located in Westminster, the community features 24 three-story townhomes and 12 live-work residences.

David Martin and Pam Koster of JLL brokered the sale.