Friday October 30, 2015
AURORA, CO – Griffis/Blessing, Inc., completed the purchase of Colonnade Apartments in Aurora, Colorado, and will take ownership on October 30, after managing the community for its previous owner since January.
Built in 1984, the 138-unit garden-style community consists of one- and two-bedroom floor plans, averaging 840 square feet in size. Community amenities include indoor and outdoor swimming pools, a fitness center, a clubhouse, a sports court and a barbecue area.
Griffis/Blessing will upgrade apartment interiors in all units to increase the community’s competitiveness in the market. They will also renovate the clubhouse, the fitness center and the business center, and enhance the pool area with a deck expansion and new furnishings.
“Colonnade is the type of property that perfectly fits within our historical strengths of adding value through a calculated capital improvement plan and our property and asset management style that pays attention to the important details of a successful investment,” says Gary Winegar, President of Investment Services for Griffis/Blessing. “The opportunity to continue what we have started and grow the property into what we envision will benefit both our investors and its residents.”
William J Hybl, Jr., President and COO of Griffis/Blessing, states, “We have a substantial track record of improving operations and controlling costs, while synchronously enhancing the experience for residents. We have a top-notch general contractor on staff who has been with us for over 25 years and will oversee our capital improvement process.”
The property will be managed by District Manager, Kenny Newell, with day-to-day operations overseen by Property Manager, Desiree Martinez.
The property was purchased for $16.25 million. CBRE was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC 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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