Friday, September 12, 2014
On September 10, Griffis/Blessing, Inc completed the purchase of The Village at Woodland Hills Apartments in Colorado Springs, Colorado. The 160-unit apartment community was built in 1984. The community amenities include a clubhouse, swimming pool, spa, fitness center, playground, tennis court and sand volleyball court.
Griffis/Blessing plans to actively initiate its proven value-add plan of capital and operational improvements to this 1980s-era community. Some of these planned improvements include modernizing appliances, fixtures and flooring in select units and enhancing the pool area and clubhouse to create more attractive amenities to meet the expectations of today’s renter.
“The Village at Woodland Hills fits well with our historic strengths of adding value through a strategic capital improvement plan and our acute property and asset management approach with diligent attention to detail,” says Gary Winegar, Chief Investment Officer for Griffis/Blessing. “With the continued growth in the Colorado Springs apartment market as well as increasing market rents, we expect The Village at Woodland Hills to produce an immediate cash flow for our investors.”
William J Hybl, Jr., the President and COO of Griffis/Blessing’s Property Services Group states, “We are excited about the addition of The Village at Woodland Hills as its central location and close proximity to major drivers of employment, entertainment and education will be appealing to renters and create an increase in demand.”
The property will be managed by Regional Property Manager, Carmen Azzopardi, CPM® with day-to-day operations to be handled by on-site property manager Julie Romeo.
The property was purchased for $16 million. The FMAC mortgage was arranged by Brady O’Donnell of CBRE Capital Markets, Inc. in Denver and carries a fixed interest rate of 3.62%.
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