Seagate Properties

A Real Property Investment & Operating Company

Redevelopment

Links at Legacy Ridge

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Constructed in 1999, Legacy Ridge offers 9’ ceilings, units on average 100sf larger than current norm for new construction, an irreplaceable location in a high barrier to entry submarket along with an opportunity to update amenities, unit interiors and drive rents. Located in Westminster, Legacy Ridge is located in one of the most difficult submarkets to develop new apartment product due to high utility tap fees, the requirement for a PUD and the city’s Comprehensive Plan which anticipates only 636 units of high-density housing over the next 18 years.

Legacy Ridge is adjacent to the Legacy Ridge Golf course with high visibility along Federal Boulevard and the majority of undeveloped land in close proximity is designated Open Space. Approximately 141 units were renovated in 2013 and the scope did not include high end finishes such as stainless appliances and quartz countertops. The opportunity exists to update the 91 un-renovated units and take the 141 units completed in 2013 to the “next level”. In addition, Seagate completed a full exterior paint of the property, replaced all of the roofs, and made extensive landscaping, pool, and amenity upgrades.

Northtowne Summit Apartments

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Northtowne Summit Apartments (“Northtowne”) is a 1997 vintage community, offering 220 units in 22 residential buildings and a 2,900 square foot clubhouse. Features and amenities include a fitness center, swimming pool with spa, dog-park, in unit washers and dryers, oversized balconies, spacious closets, built-in microwaves, gas fireplaces (2nd floor units), carports, forty-five detached garages and spectacular panoramic views of Sierra Nevada Mountains and downtown Reno.

Northowne is ideally located with convenient nearby shopping and has a central location at the Highway 580 and North McCarran interchange. Seagate acquired Northtowne in 2017 and immediately executed an extensive capital improvement program including a complete clubhouse renovation, full exterior paint, concrete and asphalt repairs, extensive landscaping improvements, and pool and amenity upgrades.

Park Place Olde Town

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Park Place Olde Town is an amenity-rich community only steps away from historic Olde Town Arvada and the Olde Town Arvada G-Line Light Rail Station. Constructed in 2016, Park Place Olde Town‘s 153 units comprise 96 one bedroom/one bath units and 57 two bedroom/two bath units.

All units offer fully equipped gourmet kitchens with quartz countertops and stainless steel appliances, stackable washer/dryer, plank flooring, generous walk-in closets, and oversized private balconies. Park Place Olde Town offers its residents a parking garage with electric vehicle charging station, controlled access, complimentary gourmet coffee service, a state-of-the-art fitness center, and courtyards that include a glass encased modern café and lounge adjacent to an outdoor fire pit, BBQs, and an elevated ‘Splash’ pool.

Panorama at Arvada Ridge

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Panorama at Arvada Ridge is perfectly situated near major employers with convenient access to both the Denver CBD and Boulder. Built in 2005, this 264 unit offers a solid mix of one, two and three bedroom units, all with full size washer/dryer, built-in computer desk, electric fireplace, 9’ ceilings and walk-in closets.

Residents have access to a Jr. Olympic swimming pool, hot tub, fire pit, grilling stations, a theatre and sports lounge, 24-hour fitness center, 302 detached garages, a dog park and business center.

The Dakota at Governor’s Ranch

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A value-add purchase of a 246 unit apartment complex, built in 1996, on a 14.8 acre site. This garden-style property with all two-story buildings and private entrances, has a unit mix of 39% one bedroom units and 61% two-bedroom units. Located adjacent to the Southwest Plaza Mall in Littleton, Colorado, the Dakota was purchased at a significant discount to replacement cost with an opportunity to upgrade community amenities and unit interiors. The community clubhouse landscaping and pool were recently upgraded, washer/dryers were added to all the units, and 45% of the unit interiors have been renovated.

The Wellshire

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A value-add purchase, this twelve-story, high-rise community was built in 1962 and is located in southeast Denver. The Wellshire is a one of kind community with wrap-around balconies, floor to ceiling windows, and spacious units averaging nearly 1,000 sf. The Wellshire is ideally situated to benefit from a value-add renovation program due its central location, large units, dramatic views, and strong demographics.

Upgrades at the property include the conversion of the 12th floor community room into an additional unit, enhancement of the roof deck with a fire pit, outdoor TVs, and new BBQs. On the ground floor, Seagate completed a 3,500 square foot expansion and renovation including a new leasing office, community room with pool table and shuffle board table, fireplace, kitchen, and conference rooms. In addition, the courtyard was renovated to include a firepit, water feature, landscaping improvements and renovated dog park.

2465 Latham

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This Class A, transit-oriented, multi-tenant office building is located near downtown Mountain View, in the heart of Silicon Valley, walking distance to the San Antonio Shopping Center and San Antonio Caltrain station. Seagate acquired the property, corrected various deferred maintenance items, renovated the lobby, and stabilized the tenancy, all ahead of the steeply rising curve of Silicon Valley investment property values.

2850 Telegraph

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Located on Telegraph Avenue in close proximity to both University of California Berkeley and Alta Bates Medical Center, this building had been occupied as a single-tenant facility for nearly thirty years, and suffered from capital starved, dysfunctional ownership. Seagate acquired the property with the strategy of completing a major seismic upgrade and repositioning as a multi-tenant office building to serve the needs of the adjacent medical and educational community. Seagate subsequently sold the property to the University of California, Berkeley and it is used as administrative offices for Boalt Law School.

Belmar Villas

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A value-add purchase of a 318 unit apartment community, built in 1975 and substantially renovated in 1991, on a 18 acre site. The 318 units include 26% one-bedroom units, 51% two-bedroom units, and 23% three-bedroom units. Located adjacent to the nationally recognized 104 acre Belmar redevelopment, there was tremendous upside opportunity to upgrade common area unit interiors and remain the “low cost leader” with all the amenities of newer product. Along with 20% of the unit interiors, the capital improvement plan included significant clubhouse, pool, spa, landscaping and building exterior improvements.

980-990 Fifth Avenue

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This two-story office building located at the San Rafael prime corner of Fifth Avenue and Court Street is within easy walking distance to downtown San Rafael. 980-990 was purchased by Seagate in 1999 and Seagate performed renovation that included bringing the building down to its steel frame, expanding the second floor window line, and constructing Class A office improvements. The property has been occupied as Seagate’s corporate headquarters since completion of the renovations in late 1999.

IREETM Certified

Cascade Park

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A value-added purchase of a 77-unit historic apartment complex situated on a 2.4 acre site. The unit mix is 27% studios, 53% one-bedroom units, 19% two-bedroom units and 1% three-bedroom units.

The property was only 50% occupied at the date of purchase and nearly 25% of the complex was uninhabitable due to poor management and lack of capital. The property was purchased as an REO from the prior lender.

Substantial rehabiliations of the property has been completed including upgrades to all common areas and unit interiors.

Goldmine Hill

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Seagate acquired this eight building apartment community located in the Twin Peaks neighborhood of San Francisco with the intention of converting the individual units to condominiums. Seagate obtained all necessary local and state governmental approvals to allow conversion of the complex to condominiums. The project represented the largest condominium conversion ever completed inthe City of San Francisco at that time. The success of the project was evidenced by the sale of 100% of the units available within 18 months of receipt of final approvals.

Boulder Crescent

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This 33 unit property was purchased in an “off-market” transaction. Immediately following purchase a $20,000/unit upgrade was implemented which resulted in a completely transformed community.

The upgrades included gating the community, enhanced lobby, addition of a fitness center, new exterior paint and upgrade of all unit interiors.

The Village at Lionstone

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A value-add purchase of a 288 unit apartment community, built in 1985, on a 11.3 acre site. The 288 units include 42% one-bedroom units and 58% two bedroom units.

The property was acquired at a significant discount to replacement cost, an attractive going-in yield, and an opportunity to significantly upgrade the common areas, amenities and unit interiors.

The capital improvement program included a completely renovated clubhouse, exterior paint, pool and spa upgrades, landscaping upgrades, a new perimeter fence, parking lot improvements, concrete and stairwell improvements, new playground equipment and unit renovations.

Seagate rebranded the property immediately after purchase as well.

Newport Village

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A value-add purchase of a 220 unit apartment community, built in 1988, on a 7 acre site. The 220 units are arranged in 30 buildings with 100 townhome units and 120 flat-style units that include 63% two-bedrooms and 38% one-bedroom units.

The property was acquired from a lender that had foreclosed on the previous owner. The property had been capital starved and was in very bad condition.

Capital improvements included a full exterior paint, wood and balcony replacements, extensive landscaping upgrades, a new pool, and spa associated amenities.