Wednesday, December 4, 2013
Colorado Springs, CO – On December 3rd, Griffis/Blessing, Inc completed the purchase of Ridgepointe at Gleneagle Apartments in Colorado Springs, Colorado. The 240-unit apartment community was built in 2001. The community amenities include a clubhouse, swimming pool, spa, fitness center, playground, business center and theater.
Griffis/Blessing plans to upgrade unit interiors that have remained untouched since the property was built. The overall community will also see enhancements to the pool area, clubhouse and fitness facilities. These improvements will update the entire community to meet the expectations of today’s renter.
“Ridgepointe allows us the opportunity to execute our proven value-add strategy to successfully create strong investor cash flow and appreciation through a key capital improvement plan and our strong asset management style,” says Gary Winegar, Chief Investment Officer for Griffis/Blessing. “The property will produce immediate cash flow for our investors with an additional revenue lift from increasing market rents in a growing Colorado Springs apartment market.”
William J Hybl, Jr., the President and COO of Griffis/Blessing’s Property Services Group states, “The addition of Ridgepointe at Gleneagle Apartments to our portfolio is especially exciting due to its strategic location in the fastest growing area of Colorado Springs. Being adjacent to the newest and largest retail destination development, Copper Ridge at Northgate, which is anchored by Bass Pro Shops, will increase rental demand in this location.” The property will be managed by District Manager Stacey Kontry, with day-to-day operations to be handled by on-site property manager Lori Herrera.
The property was purchased for $30.3 million. Financing was arranged through Freddie Mac.
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