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Seagate Properties

Seagate Properties

A Real Property Investment & Operating Company

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Oceanview/The Breakers

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.

Project Details:

Location

Santa Cruz, CA

Size

104 units

Type

Multi-Family

Seagate Contributions

Disposition
Opportunistic Investment
Redevelopment

Status

Sold 2006

Address

222 Columbia Street
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