Thursday, December 20, 2012
Colorado Springs, CO – On December 20th, Griffis/Blessing, Inc. successfully completed the purchase of Willow Run Village in Broomfield, Colorado. The garden-style community was built in 1999 and features 222,768 square feet spread over ten buildings on 10.65 acres, averaging 1,031 square feet per unit. The property also features an attractive mix of 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, spa, dog park, sand volleyball court, and playground.
Griffis/Blessing plans to add value to the property by upgrading select unit interiors, updating the clubhouse fitness center and equipment, updating amenities to create a “resort” feel at the pool area—such as adding cabanas and a fire pit—and making exterior improvements to landscaping, the parking lot and completing other exterior deferred maintenance.
“Willow Run Village is the type of property that perfectly fits our historical strengths of adding value through a strategic capital improvement plan and our intense property and asset management style that pays attention to the important details of a successful investment,” says Gary Winegar, Chief Investment Officer for Griffis/Blessing. “The property will provide immediate cash flow for our investors, which is what they are looking for in today’s investment environment, and we will get some revenue lift from increasing market rents in the Denver metro apartment market.”
BJ Hybl, President of Griffis/Blessing’s Property Services Group, says that Willow Run Village is a nice addition to the company’s growing Denver management portfolio. “We have a proven track record of improving operations and controlling costs, while simultaneously enhancing the experience of the residents,” says Hybl. “We have a General Contractor on-staff who has been with us for over twenty years that will oversee our capital improvement process. The residents of the property are excited about the improvements we will be implementing.” The property will be managed by District Manager Gayle Gahagan, with day-to-day operations to be handled by an on-site property manager.
The property was purchased for $28.2 million. Financing was arranged by Key Bank.
David Potarf and Dan Woodward of CBRE brokered the transaction. Says Potarf, “Willow Run is a true value-add property with significant rent upside considering the capital improvement strategies Griffis/Blessing has planned.”
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