Seagate Properties, Inc. announced today it has closed on its purchase of Sunset Creek Apartments, a 310-‐unit apartment complex located at 5400 N. Nevada Avenue in Colorado Springs, for $20,500,000 million dollars.
“Sunset Creek was an off-‐market opportunity to acquire a well located, low-‐density community with great potential,” said Trent Isgrig, a principal at Seagate Properties, and director of its Denver office. “We plan to make significant capital investments to the property. Interior upgrades of 20 percent of the units will be completed this year, as well as updating building corridors with new paint and carpet. In addition to exterior painting and general landscaping improvements, we will expand and upgrade the clubhouse, build a new swimming pool and dramatically upgrade community amenities, which include a clubhouse, picnic area, children’s play structure, tennis and volleyball courts.”
Located directly across the street from the University of Colorado – Colorado Springs, at the trailhead of the Pikes Peak Greenway Trailsystem, and next to University Village retail center, Sunset Creek is comprised of one, two and three-bedroom units, in 12 buildings spread over a 26.6 acre parcel. Colorado Springs-based Griffis/Blessing Inc. will manage the property for Seagate. ARA Senior Associate, Kevin McKenna, and Senior Vice President, Ken Greene, along with Principals, Doug Andrews, and Jeff Hawks, represented the seller; Dallas, TX based WillMax Capital, Inc.
Sunset Creek represents Seagate’s third Colorado acquisition in the last ten months and Seagate’s Colorado portfolio now includes 685 units in Colorado Springs and 246 units in greater Denver. Seagate plans to increase its Colorado portfolio on 2,000 units of multi-family housing by 2013
For more information, contact:
Trent Isgrig, Seagate Properties (303) 312-‐4276
Linda Rosso (415) 999‐6002