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7/07/16
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Redwood Capital Advisors has acquired Newport Village, a 220-unit rental community situated at 8901 Colorado Blvd in Thornton, CO. The asset was sold by Seagate Newport Associates LLC. The property is located fifteen minutes from Denver, with access to employment corridors from both Interstate 76 and 25.
Built in 1988, the garden-style apartment community offers 220 one- and two-bedroom units in 30 buildings. There are 100 townhomes spread over 25 buildings, along with 120 flat-style units in five, three-story buildings. The existing on-site amenities include a leasing office, outdoor heated swimming pool with spa, barbeque grills, playground, dog park, and walking trails.
Since Seagate’s acquisition of Newport Village in March of 2013, the firm invested more than $1.73 mil upgrading the community’s swimming pool, landscaping, exterior paint and siding repairs, balcony replacement, and approximately 25 percent of the unit interiors.
“Newport Village was an ideal value add asset, with considerable upside potential” said Trent Isgrig, Seagate Colorado Partner’s Principal, “Our repositioning improvements resulted in rent increases of more than 31 percent during our 3 years of ownership.”
David Martin and Pamela Koster of Moran & Company represented Seagate Colorado Newport Associates LLC in the transaction.
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