Seagate Properties

A Real Property Investment & Operating Company

Disposition

Copper Chase

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A value-add purchase of a 150 unit apartment complex, built in 1969, situated on a 10.4 acre site.

Copper Chase provides a unique unit mix of 53% three-bedroom units, 30% two-bedroom units, and 17% one bedroom units. Located across the street from the 430,000 square foot Broadmoor Town Center, Copper Chase represented an attractive going in yield, a significant discount to replacement cost, and an opportunity to add and upgrade amenities, common areas and unit interiors.

Completed upgrades included a new pool, new volleyball court, fitness center, playground improvements, new dog park, exterior paint, roof replacements, landscaping upgrades and twenty percent (20%) of the unit interiors.

Fillmore Ridge

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Seagate acquired Park Terrace Apartments and rebranded it as Fillmore Ridge Apartments.

This REO purchase completed in August 2010, encompassed a 115 unit apartment community offering a mix of studio, 1 bedroom, 2 bedroom and 3 bedroom floor plan alternatives.

Constructed in 1965-1967, Fillmore Ridge sits on 4.66 acres located in northwest Colorado Springs and borders I-25 on W. Fillmore Street.

Seagate completed a $700,000 renovation of the project that included a new management office, business and fitness centers, new windows throughout, exterior paint, façade improvements, enhanced exterior lighting, parking lot improvements, upgraded common areas and approximately 20% of the interior units received a facelift.

Sunset Creek

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A value-add purchase of a 310 unit apartment complex, built in 1966, on a 27 acre site. This low-density property enjoys a unit mix of 25% one bedroom units, 49% two-bedroom units, and 26% three-bedroom units. Sunset Creek was acquired off-market from a long term owner at a significant discount to replacement cost and an above market cap rate.

Located adjacent to the University of Colorado at Colorado Springs and the 700,000sf University Village Town Center, the property was ideally situated to benefit from a value-add program that included a fully renovated clubhouse, new pool and spa, landscaping upgrades, exterior paint, common area upgrades, and renovation of 10% of the unit interiors.

Harriet Lane

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A housing development in a submarket lacking sufficient entry level for-sale housing.

Seagate purchased 1.5 acres of land and constructed 34 modular housing units directly across the Sacramento River from downtown Sacramento and within the city’s designated redevelopment zone, fitting within Seagate’s and the city’s urban in-fill vision.

Oceanview/The Breakers

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This 104 unit multi-family property was purchased as a value add opportunity in an “off market” transaction. The property was purchased in a joint-venture with a major pension fund advisor.

The two 1960’s vintage buildings enjoy an extrordinary location adjacent to Lighthouse Field State Beach, just steps from the beach and only a five minute drive from UC Santa Cruz. Though many of the units enjoy premium ocean views, the property had been “capital-starved”, suffered from dysfunctional management and was in need of substantial common area and unit upgrades.

Seagate purchased the property and implemented the renovation, achieving 35%-40% rental increases while also substantially improving the tenant profile.