Suburban Denver complex is sixth acquisition since 2011
Seagate Colorado Partners, LLC, announced today it has completed the purchase of Belmar Villas Apartments, a 318-unit apartment complex located at 700 South Reed Court in Lakewood, CO, for $40,550,000 million dollars. Belmar Villas was built in 1975, and last received a significant rehabilitation in 1991. Comprised of 17 three-story buildings on 17.55 acres, the average unit size is 856 sq. ft., and all are one and two bedrooms.
“We were drawn to the dynamic West Denver location, fifteen minutes west of downtown Denver, and adjacent to the vibrant Belmar shopping and dining district,” said Trent Isgrig, a principal at Seagate Colorado Partners, LLC, and director of its Denver office. “We see significant opportunity to upgrade the property through a $2,000,000 million capital improvement program including custom unit upgrades, landscaping improvements, new in-ground spas and pool improvements, clubhouse upgrades, balcony improvements, and in-unit washer/dryers.” The purchasing entity is Seagate Belmar Associates, LLC. The seller was Riata Associates, LLC. Doug Andrews, Jeff Hawks, Shane Andrews, Terrance Hunt of ARA’s (Apartment Realty Advisors) Denver office were brokers.
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 objectivesby acquiring, renovating, managing and leasing real property.
For more information, contact:
Trent Isgrig, Seagate Properties (303) 909-1682
Linda Rosso (415) 999-6002