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.
Project Details:
Location
Colorado Springs, CO
Size
288 units
Type
Multi-Family
Seagate Contributions
Acquisition
Asset Management
Disposition
Opportunistic Investment
Redevelopment
Asset Management
Disposition
Opportunistic Investment
Redevelopment
Status
Sold 2016
Address
255 Lionstone Drive