Seagate Acquires One Belmar Place Apartments for $46.6M
Lakewood, CO – Seagate Colorado Partners, LLC recently announced that it has completed the purchase of One Belmar Place Apartments from Cornerstone Real Estate Advisers, acting on behalf of an institutional investor. The 208-unit complex, located at 770 S. Vance Street in Lakewood, Colorado, traded for $46.6 million.
Built in 2001, the garden style apartment community offers 208 one- and two-bedroom units. The previous owner, Belmar Apartments, LLC invested $1.9 million to renovate 97 percent of the units. The existing on-site amenities include a recently refurnished clubhouse, pool, bike room, and pet wash.
In addition to its onsite amenities, the property boasts an 87 walking score, which means most daily errands can be accomplished on foot. Situated immediately south of Downtown Belmar, the property allows residents to walk to Whole Foods Market, Target, restaurants, bars and cultural events such as the First Friday art walk or Sunday Farmers Market.
This is Seagate Colorado Partners’ 11th multi-family acquisition in Colorado since 2011 and its second in the West Denver Submarket. The firm acquired Belmar Villas Apartments, a 318-unit complex situated at 700 South Reed Court in 2013.
“One Belmar Place was only constructed fifteen years ago, and the previous ownership’s $1.9 million capital improvements helped position the property as an attractive alternative to the newer luxury projects in the area,” said Trent Isgrig, a principal at Seagate Colorado Partners, LLC, and director of its Denver office. “Also, the West Denver submarket, specifically Lakewood, is a dynamic location. It offers residents the amenities, feel and culture of an urban downtown neighborhood, while simultaneously providing a suburban lifestyle.”
Photo courtesy of Seagate Colorado Partners, LLC