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Legacy Breaks Ground On Multifamily Project In Opportunity Zone

The Legacy at Fitz will have 363 apartments.

Legacy Partners has broken ground on the first large-scale apartment community in an opportunity zone in Aurora

Griffin Capital provided equity financing for the project, which is part of a larger portfolio encompassing 60 properties and managed by Legacy.

The 363-unit apartment community at 1363 North Victor St. is within walking distance of restaurants, shops and the University of Colorado Anschutz Medical Campus. Dubbed the Legacy at Fitz, the community was designed by Davis Partnership Architects and features a pool, a fitness center, a yoga studio and observation decks.

Despite an abundance of multifamily construction, Denver's apartment market continues to be robust.

The average vacancy rate declined to 5.4% during the first quarter, down from 5.8% during the previous quarter, according to the first-quarter Metro Denver Vacancy & Rent Report.The average rent was $1,481, up from $1,456 during the same period. 

Legacy has developed more than 60,000 apartment units throughout the western United States since it was founded in 1968. Its most recent development in Denver is Trivista on Speer, a 322-unit apartment development on 2.3 acres at 1300 Speer Blvd. in the Golden Triangle neighborhood.

Other Colorado communities Legacy manages include Fox Crossing at 8350 East Yale Ave., Westlake Greens in Littleton and Legacy on the Promenade in Westminster.