Griffis Residential Adds The Covington on Cherry Creek to Portfolio

By Gabriel Circiog, Associate Editor

Denver-based multifamily investment and management company, Griffis Residential, has acquired The Covington on Cherry Creek in Denver. The company, led by Ian Griffis, David Birnbaum and Tom Barta owns and manages over 3,100 Class A multifamily units along the Front Range, including Denver and Colorado Springs.

Located in southeast Denver at 2234 S. Trenton Way along the Highline Canal and in close proximity to the Denver Tech Center, Cherry Creek and downtown Denver, the 384-unit Class A complex features one-, two- and three-bedroom apartments.

The community features amenities such as two sparkling pools, a 24/7 state-of-the-art fitness center, lighted sports courts, a business center and a clubhouse. The complex was acquired for $47 million, according to property records. The company announced it plans to make over $2 million in capital improvements to the complex.

The Denver Business Journal reports the property was sold by Carmel Cos., doing business as Covington LLC. The seller was represented by Daniel Woodward, David Potarf, Jordan Robbins, Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE Group Inc.

The Covington on Cherry Creek is the second acquisition in 2012 for Griffis Residential, which earlier this year closed on the purchase of the 232-unit Links at Legacy Ridge for $28.6 million. Griffis Residential manages a portfolio that is currently valued at over $500 million and includes the 216-unit Highline on Cherry Creek.

“We believe in continuously increasing the value delivered to our residents and enhancing their living experience through targeted capital improvements and excellent service,” said Tom Barta, chief operating officer at Griffis. “Covington on Cherry Creek is an excellent addition to our portfolio.”

Photo Courtesy of: www.liveherethecovington.com

For more market data on Denver, please click here.