Friday, October 30, 2020

COLORADO SPRINGS, CO – Griffis/Blessing, Inc. in partnership with Freshwater Investments, closed on Savoy Luxury Apartments in Overland Park, KS, on October 30th for $48 million.

“This acquisition allows us the opportunity to jump into one of the best investment grade submarkets of Kansas City,” said Gary Winegar, President of Investment Services of Griffis/Blessing.  “We have evaluated numerous apartment investments in the Kansas City metro area over the last several years, and we look forward to bringing our investment strategy and management style to the area, while maintaining a positive experience for residents.”

Savoy is a 254-unit community with a mix of one-, two- and three-bedroom apartments and townhomes with five floor plan variations. At an average unit size of 1,224 SF, apartment units feature full-size washer/dryers, central vacuum systems, wood-burning fireplaces, private patio/balcony and, in select units, Jacuzzi bathtubs and attached garages. Community amenities offer a new fitness center, swimming pool, clubhouse with media room, business center, billiards room and stand-up tanning beds, playground and guest suites. Additionally, the community is in the nationally ranked Blue Valley School District.

“Due to its favorable location, market positioning and our management team’s focus on operations and capital improvements, we believe Savoy Apartments to be a solid investment,” said William J. Hybl, Jr., President and COO of Griffis/Blessing.. “Our strategic plan consists of upgrading the unit interiors, including new fixtures and improved outdoor space livability and privacy. We plan to renovate the clubhouse and update the pool area to a resort style atmosphere.”

The Newmark team of Mac Crowther and Whittaker Potts brokered the transaction.

Griffis/Blessing, Inc., is the only Accredited Management Organization, AMO, headquartered in Colorado Springs, CO. With additional offices in Denver, Griffis/Blessing currently manages over seven million square feet of commercial space and more than 9,300 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com.

Freshwater Investments, headquartered in Redwood City, California, is a private equity real estate investment firm creating opportunities for private and institutional investors to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. For more information, visit http://www.freshwaterinvestments.com

###