Legacy Partners is set to break ground on its second project in Colorado after landing a $106 million construction loan. The financing was provided by an investment manager and Pacific Life, who will join the developer in a joint venture for the Araceli DTC project. A JLL Capital Markets team of Mark Erland, Matthew Benson and Kevin Barron represented the developer in arranging the four-year, floating-rate senior construction loan.
Legacy Partners is planning to start construction on Araceli DTC in April, with an expected completion in 2024. The developer tapped KTGY as the project’s architect, while Catamount Constructors will serve as the general contractor.
The 13-story community is being built on a nearly 1.4-acre site located at 4552 S. Ulster St. Araceli DTC will have 236 units spread throughout 10 residential floors with studio, one-, two- and three-bed units that average 896 square feet. The community’s amenities will include a pool deck, fitness room, clubhouse, bikeroom two sky decks, co-working spaces, parcel storage and a three-story garage.
Araceli DTC is located directly next to Interstate 225, giving residents a short commute to Cherry Creek State Park and several major employers, like AIMCO, Microsoft, Zoom and Progressive Insurance. The area that the community is located in, known as the Denver Tech Center, has also attracted a variety of industries, including banking, telecommunications and media.
GROWING OUT DENVER PORTFOLIO
Araceli DTC will be Legacy Partners’ second community in Denver, following Legacy at Fitz. The company, along with Griffin Capital, opened the 363-unit community in Aurora, Colo., in March and already has another site in the city under contract.
Outside of Colorado, Legacy Partners also has two communities in the neighboring state of Wyoming, in the cities of Casper and Rock Springs. But, the majority of the company’s portfolio is located in California, along with its headquarters, and a number of communities are located in Washington, Oregon, Texas and Florida.