We are happy to announce that phase 1 of Saddleview Apartments is complete! Feel free to stop by our leasing office at 710 Haggerty Lane, Bozeman, MT 59715 or call Mindy at 406-539-3623 to schedule a tour or reserve your new apartment.
Phase 1 includes 4 apartment buildings with 8 units per building, 12 mid-size storage units for rent, leasing office and on-site gym. Other amenities include off-street parking, key fob entry, large grass areas with picnic tables and fantastic Bridger Mountain views. We are conveniently located to MSU, across the street from Deaconness Hospital, about a mile to downtown and have a Streamline bus stop at the entrance to the community.
Capitoline is grateful to all those who have, are and will be helping us complete this project! We are excited to offer top of the line housing options to the Bozeman community and look forward to meeting all our new neighbors! We are diligently working on phase 2 of this project with an estimated completion date in 1Q2015.
Capitoline Properties and Capitoline Management have moved headquarters! We are still in Santa Barbara, but are now located at:
207 E Victoria St.
Santa Barbara, CA 93101
In a little over a year since inception, we outgrew our first office and needed to upgrade to a larger space that will allow us to collaborate more effectively and grow the company in leaps and bounds. We are excited to be located in the heart of Downtown Santa Barbara and State Street and look forward to many years in the space.
The team at Capitoline Properties is dedicated to investing, developing and managing best in class apartment communities in Central and Southern California and Bozeman, Montana. We are a young firm, founded in 2013 and tracing its origins to 2010, when we began managing Eastridge Apartment Homes in Orange, CA. After a multi-year process of turning around operations, focused capital expenditures to provide current and future tenants with the highest quality of living conditions and providing the owners with consistent year-over-year NOI growth, we were approached by the now principals of our firm to establish a real estate portfolio on their behalf.
Our first investment, The Tahitian Apartments, which closed in June 2013, was the largest California Central Coast multi-family transaction for the year up to that point and the largest in Isla Vista since 2010. As we approach the one year anniversary of adding this 62 unit, primarily student housing property to our portfolio, we have stabilized cash flows and operations, provided our owners with collection of 100% of rents and utilities reimbursements every month of the 2013-2014 school year and have seen significant increases in tenant satisfaction. We look forward to providing students of Santa Barbara universities and colleges with a vibrant and exciting living atmosphere while maintaining focus on their education.
Our second acquisition since inception was a slight stray from our multi-family investment strategy with the purchase of the Santa Barbara Tourist Hostel located in the heart of downtown Santa Barbara. The property, located at 134 Chapala Street is one of the first buildings riders see after departing the Amtrak station. With its close proximity to State Street, the Funk Zone, Stearns Wharf and West Beach, the location and ability for our firm to add to the redevelopment that lower State Street has been undergoing was the main driver of this investment. Since purchasing the property we have shut down operations of the Hostel and are evaluating potential redevelopment options and hope to have firm plans in place by the middle of 3Q2014.
Prior to forming Capitoline Properties, our principals had purchased a 30 unit apartment complex and adjacent land in Bozeman, Montana called Saddleview Apartment Homes. Upon the formation of the firm, our development team along with our general contractor and architects began the build-out phase of 72 additional units, leasing office, gym and storage units. Construction began in late summer 2013 and is slated for completion in mid 4Q2014. The team worked diligently to secure construction and long-term financing and has also been working on the sourcing of and contracting with vendors and sub-contractors. Currently, our property management team is working on our advertising and lease-up strategy to minimize vacancy once construction is complete.
Our first year as a company has been extremely exciting. Closing two acquisitions, managing a large-scale development project on time and within budget and maintaining tenant satisfaction and operational objectives on over 200 apartment units has set the bar of how Capitoline Properties expects to grow and expand over the years to come. We are excited for what the future holds and our ability to contribute and give back to the communities in which we operate.