Seagate Properties

A Real Property Investment & Operating Company

Redevelopment

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.

Ridgeview Place

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A value-added purchase of a 336-unit apartment community situated on a 25.1 acre site. The property, built in 1984, has 45% one-bedroom units, 48% two-bedroom units and 7% three-bedroom units. The property is extrememly unique in this market due to its extrememly low density of only 13.4 units per acre, a tremendous location immediately adjacent to a 740 acre city park, and a very large average unit size of 883 square feet. Substantial rehabilitation of the property was completed including upgrades to all common areas, a total rennovation o the clubhouse and leasing offices and substantial upgrades to the unit interiors.

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.

Garden Terrace

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A value-added purchase of a 196 unit apartment complex, built in 1971, situated on 5.5 acres. The unit mix is 9% studios, 66% one-bedroom units and 25% two bedroom units.

The property enjoys extremely high visibility from a major freeway, and represents the only Class B complex within an extremely strong sub-market. The investment included a substantial increase in rental rates without competing directly with the nearby Class A complexes.

Substantial rehabilitation of the property was completed including upgrades to all common areas and unit interiors.

Park Ridge

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A value-added purchase of a 204-unit apartment complex built in 1973, situated on a 6.5 acre site. The unit mix is 80% one-bedroom units and 20% two-bedroom units.

A substantial amount of deferred maintenance had accumulated under the prior ownership. The property was purchased as an REO from the lender.

Substantial rehabilitation of the property was completed including upgrades to all common areas and unit interiors.

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.

Greentree Village

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A value-added purchase of a 216-unit apartment complex built in 1972 situated on an 8.0 acre site.

The property is ideally situated enjoying substantial frontage on both a major arterial as well as a large contiguous city park.

The property consists entirely of two-bedroom units. Substantial rehabilitation of the property was completed including upgrades to all common areas, many of the unit interiors and enhanced signage.