Seagate Properties purchased a 190-unit garden-style apartment building on Southgate road for $9.7 million.
Copper Chase Apartments is the fourth purchase by the company. It also bought Cascade Park Apartments, Boulder Crescent Apartments and Filmore Ridge Apartments. They own the Dakota at Governor’s Ranch in Littleton, as well.
Trent Isgring, who opened the company’s Denver office last year, is the man behind the purchases. He said the company is under contract to purchase another 300-plus unit in the next month and wants to acquire 1,500 units on the Font Range this year.
The Copper Chase Apartments are across the street from the Broadmoor Towne Center.
“They’re in need of cosmetic updating and an upgraded amenity package,” Isgrig said. “We plan to make substantial capital improvements including the addition of a swimming pool and sun deck, new barbecue areas, landscaping improvements and new exterior paint. In addition, considerable interior upgrades are planned with 25 percent of the units completed this year.”
Copper chase was built in 1969 and has one-, two- and three-bedroom units. Griffis/Blessing will serve as apartment managers.
Seagate is a real estate investment firm in San Rafael, Calif. The company specializes in institutional and private direct equity investments in office, industrial, multi-family and mixed-use retail property.
Seagate isn’t the only investment firm interested in the city’s hot apartment market. Florida-based Advenir announced last year that it will purchase up to 2,000 apartment units in the Denver and Colorado Springs markets. It’s already paid $16.3 million for a 220-unit complex, Briargate Apartments.
Both companies are seeking properties that need some reinvestment and improvement in order to reposition them in the market.
Doug Carter, a senior investment adviser with Sperry Van Ness, said in an earlier CSBJ story, that the interest in the Springs apartment market stems from low vacancy rates and higher rents.
Click here to read more about out-of-state investments in the Colorado market.