Thursday July 30, 2015
COLORADO SPRINGS, CO – Griffis/Blessing, Inc. completed the purchase of Union Heights Apartments in Colorado Springs, Colorado on July 30th. The property was built in 1984 and is comprised of 220 one- and two-bedroom apartments, averaging 803 square feet. The community amenities include a swimming pool, barbeque grilling station, a clubhouse with a business center, theater room and fitness center, and views of Pike’s Peak and the Front Range.
Griffis/Blessing will initiate capital and operational improvements at the time of takeover using a proven value-add plan. These improvements will include enhancing unit interiors and building exteriors, upgrading the clubhouse and related amenities, landscaping, renovating the pool area, and revamping on-site management services to better meet resident’s expectations.
“Union Heights is poised for rent growth. Our proven value-add capital improvement plan will give us the opportunity to showcase the community’s potential,” says Gary Winegar, President of Investment Services for Griffis/Blessing. “Investors will benefit from these enhancements by seeing immediate cash flow, while residents will begin to enjoy a higher quality of apartment living.”
William J. Hybl, Jr., President and COO of Griffis/Blessing states, “The community offers potential residents an affordable place to live while situated in a highly desirable location, near the intersection of Academy and Union Boulevards, allowing for convenient access to everyday needs from grocery shopping and education to retail shopping and entertainment.”
The community will be managed by District Manager, Molly Markel, with day-to-day operations led by On-site Property Manager, Christina Musell.
The property was purchased for $22 million. Dave Portaf of CB in Denver was the listing broker, and Brady O’Donnell of CB 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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