Conscience Bay and Corum Real Estate Close on the Acquisition of The Village at Legacy Ridge a 221- Unit Apartment Community in Westminster, Colorado

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Conscience Bay Company, a Boulder-based private equity firm, has closed on the acquisition of the Village at Legacy Ridge Apartments, a 221-unit Class A community in Westminster, Colorado. The acquisition was achieved in partnership with Corum Real Estate Group of Denver.

The Village at Legacy Ridge, located at 3850 West 112th Avenue, was developed by Corum in 2001. The community comprises 14 two- and three-story buildings and includes such amenities as a clubhouse, pool, spa, fitness center, covered and tuck-under parking, media room, and a business center. The development is located within the exclusive Legacy Ridge master planned community, three-quarters of a mile east of Sheridan Boulevard and walking distance to the Front Range Community College.
Acquisition of the property closed on September 20, 2011, at an undisclosed price. New York Life Insurance Company provided financing for the transaction. At closing, the property was 93% occupied. Corum will remain the property manager, a role the firm has held since the project’s completion.

About Conscience Bay Company
Formed in January 2011, Conscience Bay is a private equity firm based in Boulder, investing in core office, multifamily and mixed-use assets in the Denver-Boulder metropolitan area. Having a multi-generational perspective, Conscience Bay also invests in raw land and urban infill sites with long-term appreciation and future development potential. Under the leadership of Eli Feldman, President, and Ben Woolf, Director of Investments, Conscience Bay equates property ownership with responsibility and achieves profits while practicing good stewardship. The Village at Legacy Ridge represents Conscience Bay’s second investment in Colorado and its first in the Denver area.

About Corum Real Estate Group
Corum Real Estate Group was founded in Denver by Mike Komppa and Jamie Fitzpatrick in 1986. Corum has developed, acquired or renovated over 7 million square feet of commercial office, warehouse, and apartment properties in Colorado and the Midwest markets, including over 3,000 residential units in Colorado.

For more information, contact: Eli Feldman, 303-225-7905, eli(at)cbayco(dot)com or Jamie Fitzpatrick, 303-796-2000, jamie.fitzpatrick(at)corumrealestate(dot)com

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