Seagate Colorado Partners, LLC, announced today it has completed the purchase of Newport Village, a 220-unit apartment complex located at 8901 Colorado Boulevard in Thornton, CO, for $21,000,000 million dollars.
“Newport Village is a well-located community in Adams County, just 15 minutes from downtown Denver, and equidistant from both Interstate 25 and Interstate 76.” said Trent Isgrig, a principal at Seagate Colorado Partners, LLC, and director of its Denver office. “We plan to make significant capital investments to the property, including a new community clubhouse, swimming pool improvements and amenity upgrades, landscaping and parking lot improvements, exterior paint, and custom unit upgrades to approximately 20% of the units.”
Newport Village was built in 1988, and is comprised of 30 buildings over 6.6 acres. Five of the buildings are three-story structures that contain 120 flat-style units, and 25 buildings contain 100 townhome units. The average unit size is 753 sq. ft., and all are 1 and 2 bedrooms.The seller was MuniMae, is a lender specializing in tax-exempt bond financing for multi-family housing. Dave Martin and Pam Koster with Moran & Co. in Denver represented MuniMae. Newport Village represents Seagate’s fifth Colorado acquisition since April 2011, and Seagate’s Colorado portfolio now includes over 1,200 units in Colorado Springs and greater Denver.
Seagate plans to increase its Colorado portfolio to a total of 2,000+ units of multi-family housing in 2013.
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Seagate Colorado Partners, LLC is a full service real estate investment and operating company
based in Denver, Colorado. The company specializes in institutional and private direct equity
investment in multi-family properties and focuses on achieving consistent investment objectives
by acquiring, renovating, managing and leasing real property.
For more information, contact:
Trent Isgrig, Seagate Properties (303) 312-4276
Media contact:
Linda Rosso (415) 999-6002
linda@lindarosso.com
The MARA News