One Belmar Place, a 208-unit apartment complex in Lakewood, has sold to Seagate Colorado Partners for $46.6 million.
The property was built in 2001 at 770 S. Vance St. and was formerly owned by an institutional investor that spent $1.9 million renovating 97 percent of the units.
The purchase marks Seagate Colorado Partners' 11th apartment buy in Colorado since 2011 and its second in Lakewood, having acquired Belmar Villas Apartments, a 318-unit complex at 700 S. Reed Court in 2013.
"One Belmar Place was only constructed 15 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 and director of its Denver office.
Read more at the Denver Business Journal: http://bit.ly/2a4OP7H
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