Sold 2018

Environs is a value-add purchase of a low-density, 318 unit apartment complex, built in 1984 and located in the city of Westminster. Environs is ideally situated to benefit from a value-add renovation program due its central location, large units, and strong demographics. Environs has a unique unit mix consisting of 100 apartments, 94 townhomes, 71 patio homes and 43 single family homes. With 208 larger town, patio and single family homes, and 110 apartments that average 1,100sf, Environs offers a unit mix and product unlike any other in the marketplace. The average unit size for the Property is in excess of 1,200 square feet. The previous owner renovated 49 units and achieved a rent premium of $150-$200 per month. There is tremendous upside opportunity to upgrade unit interiors, common areas, and amenities. Seagate is budgeting approximately $3,000,000 in capital improvements ($9,434/unit) including 60 custom unit upgrades, siding repairs, exterior paint, pool/clubhouse upgrades, landscaping improvements, and common area improvements.