We spoke with Seagate Properties Mark Polite, whose firm has stocked up on Denver multifamily properties in the past two years, including its latest buy: The 220-unit Newport Village in Thornton, which it secured for $21M from MuniMae. The company now owns five Denver-area apartment communities, including Cascade Park in Colorado Springs and The Dakota at Governors Ranch in Littleton. I think Denver is a job magnet for people getting out of school, Mark says. We like the diversity that [Denver] provides versus the Bay Area.
And job growth is critical given Seagate is a value-add buyer. More jobs, more people, better rents. But Mark admits there has been plenty of competition for those properties in Denver, as hungry capital searches for hot market investments. Theres a lot of competition. Weve bid on lots more than we succeeded in buying, Mark says.
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