Thursday October 29, 2015

COLORADO SPRINGS, CO – Griffis/Blessing, Inc., completed the acquisition of The Pines at Broadmoor Bluffs Apartments in Colorado Springs, Colorado, on October 29. The community, located in the esteemed Broadmoor neighborhood, was built in 1987 and is comprised of 108, two- and three-bedroom apartments, averaging 1,107 square feet. Shared amenities include a swimming pool and spa, a clubhouse with WiFi, a fitness center and private garages for each apartment home.

The Pines at Broadmoor Bluffs is perfectly positioned as a light value-add opportunity with amenity upgrade potential. Improvement plans will entail renovating the fitness center, adding a business center and cyber-café, and expanding the pool deck complemented with added amenities, such as a fire pit, cabanas and an outdoor kitchen/grill. With over an acre of underdeveloped land on a portion of the property, a dog park, community garden or other resident-friendly space is also proposed.

“The Pines at Broadmoor Bluffs with its limited value-add opportunity is somewhat different than our typical investment,” says Gary Winegar, President of Investment Services for Griffis/Blessing. “However, the location is irreplaceable, and future development in the area is highly unlikely which will continue to drive its appeal to residents and the performance of the investment. The Pines at Broadmoor is simply great real estate.”

William J. Hybl, Jr., President and COO of Griffis/Blessing states, “The Pines at Broadmoor Bluffs offers potential and current residents an environment that more closely resembles an exclusive resort than an apartment community. It’s a unique community in a beautiful setting. We are excited about the acquisition and management of it to make it like no other here in Colorado Springs.”

Pat Stanforth, CPM®, Senior Vice President of Multifamily Services, will manage the community, while Sara Muise, Property Manager, will lead day-to-day operations.

The property was purchased for $20.3 million. ARA Newmark was the listing broker, and Steve Koeneke and David Link of Northmark arranged the Fannie Mae mortgage.

Headquartered in Colorado Springs with additional offices in Denver and Boise, ID, Griffis/Blessing, Inc., currently manages over four million square feet of commercial space and more than 8,500 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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