Seagate Properties

A Real Property Investment & Operating Company

Multi-Family

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.

Arista Uptown

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Arista Uptown is a 272 unit property comprised of 18 studio apartments, 143 1 bedroom/1 bath units, and 111 2 bedroom/2 bath units. Features and amenities at Arista Uptown include a premier 24/7 fitness center, year-round luxury pool with spa and cabanas, double-sided fireplace in the clubhouse, dog park, dog and bike wash station, quartz countertops, under-mount sinks, stainless steel refrigerators with in-door ice and water dispensers, built-in wine racks, oversized cabinets, wood style flooring, 10’ ceilings, 7’ windows, walk-in closets, dual sink bathroom vanities (select units), front load washers and dryers in unit, oversized balconies and garages.

Arista is located almost equidistant between downtown Denver and Boulder and less than ten minutes from the Interlocken Business Park which contains more than 3.7 million square feet of office and industrial space, houses more than 11,700 employees and notable technology firms such as Level 3 (North American HQ) and Oracle.

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.

One Belmar Place

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Constructed in 2001, this 208 unit multi-family complex offers residents one and two bedroom garden style apartments located south of Downtown Belmar and walking distance to many local amenities while providing the feel and culture of an urban downtown neighborhood. At closing, Seagate implemented a capital improvement program at the property including a complete clubhouse renovation, full exterior paint, pool and spa upgrades, roof replacement, a new package locker system, and landscaping improvements.

Environs

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Environs is a value-add purchase of a low-density, 318 unit apartment complex, built in 1984 and located in the city of Westminster. Environs is ideally situated to benefit from a value-add renovation program due its central location, large units, and strong demographics. Environs has a unique unit mix consisting of 100 apartments, 94 townhomes, 71 patio homes and 43 single family homes. With 208 larger town, patio and single family homes, and 110 apartments that average 1,100sf, Environs offers a unit mix and product unlike any other in the marketplace. The average unit size for the Property is in excess of 1,200 square feet. The previous owner renovated 49 units and achieved a rent premium of $150-$200 per month. There is tremendous upside opportunity to upgrade unit interiors, common areas, and amenities. Seagate is budgeting approximately $3,000,000 in capital improvements ($9,434/unit) including 60 custom unit upgrades, siding repairs, exterior paint, pool/clubhouse upgrades, landscaping improvements, and common area improvements.

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.

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.

Berkeley Central

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This purchase of four contiguous office buildings located in the heart of downtown Berkeley, California was sourced as a single transaction by Seagate.

Seagate was attracted to the opportunities presented by the below-market income stream combined with an attractive intrinsic price.

The close proximity to BART and the University of California also weighed favorably in our decision to pursue this property. Seagate served redevelopment approvals of this 25,000 square foot site that resulted in construction of 152 Class A apartments.

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.

611 Ocean Ave

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This 172 room hotel was purchased subject to a master lease with University of California at Santa Cruz, which used the property as both student housing and as a conference facility for the Santa Cruz Campus. Seagate purchased this property, which included excess land for development in an “off market” transaction substantially below replacement cost.

The property enjoys very high visibility on a major arterial connecting the intersection of Highways 1 and 17 with the beaches and the famous Santa Cruz Beach Boardwalk.

The property is immediately adjacent to the Santa Cruz County offices, a city park along the San Lorenzo River and a short five minute walk from downtown Santa Cruz. Seagate subsequently sold the property to a hotel operating company.