Newly Constructed Multifamily Property in Wheat Ridge Sells to Seagate Colorado Partners
Seagate Colorado Partners, LLC, a seasoned, creative real estate investment company focusing its energies in urban and suburban areas in the Western United States, has purchased the newly constructed Outlook Clear Creek, a 310-unit multifamily property in Wheat Ridge, for an undisclosed sum. Seagate purchased the property from Evergreen Development.
CBRE Capital Markets’ Debt & Structured Finance secured $84 million in financing on behalf of Seagate. CBRE secured a seven-year fixed-rate loan with full-term interest-only through a life company.
“Outlook Clear Creek is an exceptional property, representing some of the only new multifamily construction in the supply-constrained west Denver market. We were able to secure an optimal financing solution by facilitating a relationship between our client and a lender who offered a stabilized loan execution prior to full stabilization at the property,” said CBRE Vice Chairman Brady O’Donnell, who represented Seagate Properties in the financing.
Located at 4040 Clear Creek Drive, the property is an elevator-served apartment community comprised of 10 mid-rise buildings on approximately 12.5 acres. Unit sizes average 893 square feet and include one- and two-bedroom floorplans. Amenities include a mountain-side pool and hot tub, a fitness facility, a poolside outdoor theater, a co-working lounge, a lighted dog park, and electric car charging stations. Completed in March 2021, the property leased up quickly and was nearly fully leased at the time of financing execution.
Outlook Clear Creek is located within the master-planned Clear Creek Crossing mixed-use development, southwest of Highway 58 and Interstate 70 intersection. It is near several large regional employers and is adjacent to the future SCL Health Lutheran Medical Center, slated to bring 2,000 jobs to the area.