Seagate purchases third complex in 10 months

Seagate Properties just purchased its third apartment complex in the past 10 months in Colorado Springs.

The California-based investment company bought Sunset Creek Apartments, a 310-unit apartment complex, located at 5400 N. Nevada Ave. The purchase price was $20.5 million.

“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.”

The company will also paint the exterior, improve the landscape, build a new swimming pool and dramatically upgrading community amenities – a new clubhouse, picnic area, children’s play structure, tennis and volleyball courts.

The apartments are located directly across the street from the University of Colorado at Colorado Springs and at the trailhead of the Pikes Peak Greenway trial systems and next to University Village retail center. Sunset Creek has one, two and three bedroom units. Griffis/Blessing has been hired to be the management company.

Seagate’s property portfolio in Colorado now includes 685 units in Colorado Springs and 246 units in Denver. Seagate plans to buy a total of 2,000 units in Colorado by 2013.

Overall, Seagate now owns five properties in Colorado Springs. Its other properties are Copper Chase, Cascade Park Apartments, Boulder Crescent Apartments and Filmore Ridge Apartments.

One Response to Seagate purchases third complex in 10 months

  1. I certainly hope the “significant capital investments” include handling the sewage, plumbing, electrical and vermin issues before they start upgrading the exterior, common areas and (some) unit appliances. I would like to know if the closing price differed from the original offer, especially since the recent fire damage.

    Targette
    March 10, 2012 at 4:23 pm