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Griffis Residential Pays $40M for Strathmore Apartments in Lafayette, CO

26 Nov 2014, 4:57 pm

By Ioana Neamt, Associate Editor

Griffis Lafayette Station

Griffis Residential, a Denver-based multifamily investment and management company recently announced the purchase of the 208-unit Strathmore Apartments community in the metro Denver area of Lafayette, Colorado. Griffis acquired the Class A property for $39.9 million, according to a news release, and has rebranded it Griffis Lafayette Station.

The Lafayette Station apartment community was built in 1999 and is located at 440 Strathmore Lane, adjacent to the Lafayette Park-n-Ride. Residents of the community benefit from an excellent location surrounded by popular outdoor leisure destinations such as Coal Creek Trail and Waneka Lake Park. Additionally, the property offers easy access to public transportation and major employment centers along the I-36 corridor to Boulder.

The seven-story, garden-style Lafayette Station consists of one-, two- and three-bedroom apartments ranging from 701 to 1,359 square feet. Amenities include a clubhouse, business center, 24-hour fitness center and yoga room, pool and spa, Starbucks coffee bar, basketball courts, playground and picnic areas, private park, and detached parking garages. The pet-friendly residential units feature 9-foot ceilings, ample closet space, private balconies or patios, washer and dryer, internet access and central heat and air. Griffis Residential plans to further enhance the property by investing nearly $3 million in community and apartment upgrades.

“Amid Denver’s falling vacancy rates, we anticipate apartment unit absorption to remain above long-term historical averages into the foreseeable future,” says David Birnbaum, CEO of Griffis Residential. “These positive market forces will keep the pursuit of investment opportunities within the Denver metro area on our radar for some time to come.”

Job growth, rising rents and high demand are drawing more and more investors to the Denver area. Recent data gathered by Marcus & Millichap shows that net multifamily absorption spiked to 6,300 units in 2014, compared to 4,200 units in the previous year, while the multifamily transaction volume increased 25 percent over the same period last year.

Image courtesy of Griffis Residential



Lowe Enterprises Acquires 360-Unit St. Moritz Apartment Community in the Denver Area

20 Nov 2014, 4:29 pm

By Ioana Neamt, Associate Editor

St. Moritz Apartments

Lowe Enterprises Investors (LEI), a Los-Angeles based provider of real estate investment services and a subsidiary of Lowe Enterprises recently announced it has purchased the St. Moritz apartment community in the North Lakewood area of Denver, in joint venture with an investment client. Doug Andrews and Jeff Hawks of ARA Real Estate Investment Services represented the seller in the transaction, an affiliate of DiNapoli Capital Partners, according to a news release.

Located at 1724 Robb St. in Lakewood, the St. Moritz garden-style apartment community features 360 one- and two-bedroom units across 15 buildings, and is currently 98 percent occupied. The property also includes a clubhouse with a 24-hour fitness center, basketball and tennis courts, pool and spa, barbeque areas and a business center. Lowe Enterprises plans to further enhance the property’s appeal with multiple upgrades, including the addition of washers and dryers to all apartment units.

“The St. Moritz apartment community combines a peaceful park-like setting with the advantage of easy access to local amenities, downtown Denver and major thoroughfares,” says Andy Sands, senior vice president of Lowe Enterprises Investors. “The physical and operational improvements we intend to make at the St. Moritz will position it to be a leader in the market.”

The St. Moritz community, managed by Greystar, is conveniently located in close proximity to retail and entertainment destinations such as the new Belmar Shopping District, Denver West’s Colorado Mills shopping center, Elitch Gardens Amusement Park, Coors Field and the Pepsi Center. Additionally, the property provides easy access to Highway 6 and Colfax Road, and is just one mile south of the Oak Station on the West Light Rail Line.

Los Angeles-based Lowe Enterprises, founded in 1972 by Robert J. Lowe, Sr., operates through three separate business units: Lowe Enterprises Investors, Lowe Hospitality Group, and Lowe Enterprises Real Estate Group. The company currently oversees roughly $4 billion of investments on behalf of its partners and clients. The Lowe Enterprises Real Estate Group currently operates about one million square feet of commercial space in the Denver area.

Image courtesy of www.stmoritzapts.com

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The True Life Companies Plans Large Residential Development in Thornton, CO

12 Nov 2014, 6:45 pm

By Ioana Neamt, Associate Editor

The True Life Companies, a major supplier of lots and lands to America’s top home builders, recently announced the acquisition of 204 acres of land in the Denver suburb of Thornton.  According to a news release, the Willow Bend master-planned community will comprise 497 single-family homes, an activated 8-acre park, a 10-acre natural park, soccer field, trail system and an elementary school site. The property located at the northwest corner of 144th Ave. and Holly St. also provides access to regional transportation corridors such as the I-24 and E470.

“This is an exceptional opportunity for The True Life Companies,” says Brock Chapman, TTLC’s Managing Director for the Rocky Mountain Region. “The community, named Willow Bend, is planned to offer a variety of lot sizes and home prices to meet rising demand in the region.”

This acquisition of the 204-acre property is TTLC’s second venture in the Denver metropolitan area. The company also developed Fairfield Village in Aurora, a residential community with home prices starting in the low $300,000s.

The True Life Cos. intends to complete the first homes in the Willow Bend community by early 2016, according to the Denver Business Journal.

“The location supports a diverse employment base which includes a broad range of industries, from energy exploitation companies, and technology and communications firms, to hospital and health care companies – all within a reasonable commute,” Chapman says.

According to the Denver Post, the Willow Bend development was first proposed nearly a decade ago, and current plans for the property were approved by city officials back in 2005. However, construction was never initialized as the previous land developer abandoned the project.

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Stonebridge Cos. Completes Renovations at Courtyard by Marriott Denver Creek Cherry

5 Nov 2014, 7:09 pm

By Ioana Neamt, Associate Editor

Courtyard by Marriott Denver

Stonebridge Companies, a leading development and hospitality management company headquartered in Colorado recently announced the completion of major renovations at its Courtyard by Marriott Denver Cherry Creek hotel in the heart of the city. The 240-room hotel has undergone extensive renovations and upgrades, including a major remodeling of its lobby and a new dining concept called The Bistro.

Courtyard by Marriott Denver Cherry Creek now features a brand new Refreshing Business lobby concept. The newly redesigned lobby features open, bright spaces in vivid contrasting colors, exclusive GoBoard technology, enlarged business library, free wireless access, and a 52-inch LCD touch screen TV for guests to enjoy. The upscale hotel also features a new dining concept called The Bistro, consisting of higher quality, healthier menu options for breakfast and dinner, including a full menu with steaks, seafood and vegetarian options, as well as various snacks and beverages.

Renovated guest rooms have received the Marriott Synergy Design, which includes soft seating and a modern color palette. The hotel’s 6,500 square feet of event space have also received improvements, such as new carpeting and wall coverings and new banquet chairs.

Conveniently located in the popular Cherry Creek area at 1475 S. Colorado Boulevard, Courtyard by Marriott is in close proximity to the University of Denver, the Cherry Creek Shopping District, the Denver Zoo, and the Ritchie Center. The full-service hotel offers guests amenities including indoor heated pool and whirlpool, a 24-hour convenience store and gift shop, business center, guest laundry facility, valet dry cleaning service, complimentary parking, and a state-of-the-art fitness center.

Image courtesy of CourtyardCherryCreek.com

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U.S. Olympic Museum Design Team Revealed

29 Oct 2014, 10:27 pm

By Ioana Neamt, Associate Editor

U.S. Olympic Museum officials recently revealed the team chosen to handle the design and construction work for the country’s first Olympic Museum.  Anderson Mason Dale Architects of Denver is the architect of record, New York City-based Diller, Scofidio + Renfro are the design architects, Gallagher and Associates of Washington, D.C. will design the exhibits, while Portland-based Pacific Studio will fabricate them.

GE Johnson Construction Company is the only local firm selected to be part of the team, and will serve as general contractor. The five world-renowned firms responded to an RFP posted by the U.S. Olympic Museum back in March, and they were selected from hundreds of local and national companies, according to a news release.

“GE Johnson Construction Company is honored to be selected as the Construction Manager/General Contractor for the United States Olympic Museum Project,” said Jim Johnson, CEO of GE Johnson. “Headquartered in Colorado Springs, GE Johnson Construction has constructed numerous projects in the region that include private and public money. However, the significance of a one-of-a-kind structure such as  in the United States Olympic Museum increases the visibility and accountability from the donors, current athletes, past athletes and future athletes and visitors.”

The U.S. Olympic Museum and Hall of Fame will be located in Colorado Springs’ Southwest Downtown Urban Renewal Area, and is slated for completion in early 2018, prior to the Winter Olympics. The facility will include a 20,000-square-foot exhibition hall, a 1,000-square-foot broadcast studio, an outdoor gathering place and amphitheater, as well as 8,000 square feet of flex space for special events. This one-of-a-kind project is expected to create 80 permanent jobs and up to 150 construction jobs.

The total cost of the project is estimated at roughly $60 million. Trustees of the El Pomar Foundation recently made a $10 million donation towards the construction of the museum, as reported by Inside the Game. According to the Colorado Springs Independent, the Nor’wood Development Group has also donated 2.5 acres near Vermijo Ave. and Sierra Madre St. for the project.

 







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