Tuesday, December 30, 2014
COLORADO SPRINGS, CO – Griffis/Blessing, Inc., finalized the purchase of Bear Valley Park Apartments in Lakewood, Colorado, and will take ownership of the community on December 30th. The Class A-/B+ community was constructed in 2003 and is comprised of 260-units with an average unit size of 996 square feet. The community amenities include a newly renovated clubhouse, a swimming pool, a state-of-the-art fitness center, panoramic views, outdoor barbecues and a fire pit.
Griffis/Blessing will enhance unit interiors, continue with exterior and grounds improvements, particularly in the pool area, and improve on-site management services to better meet new renter’s expectations. These capital and operational improvements are part of the proven value-add plan initiated at the time of takeover.
“With this acquisition, we are particularly looking forward to the opportunity to showcase our proven capital improvement strategies and property management expertise with a stronger presence in the Denver-metro apartment marketplace,” says Gary Winegar, Chief Investment Officer for Griffis/Blessing. “It’s a win-win deal for both the residents of the apartment community who will benefit from these planned improvements, as well as our investors who will see immediate cash flow.”
William J Hybl, Jr., President and COO of Griffis/Blessing’s Property Services Group states, “Located in the highly desirable Lakewood submarket, minutes from major thoroughfares and River Point shopping district as well as being adjacent to the Bear Creek Trail System, make this asset a valuable addition to our multifamily portfolio.”
The property will be managed by Regional Property Manager, Scott Kirkwood, CPM® with day-to-day operations to be handled by On-site Property Manager Marissa Duncan.
The property was purchased for $45.5 million. Moran and Company was the listing broker, and Brady O’Donnell of CB Insurance arranged the FMAC mortgage.
Headquartered in Colorado Springs, CO with offices in Denver and Bosie, Griffis/Blessing, Inc. currently manages over 4.5 million square feet of commercial space, and more than 7,100 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com.
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