Griffis Residential Buys Denver Luxury Community for $126M

Griffis Residential has acquired Platform at Union Station, a 287-unit luxury community in Denver, and renamed it to Griffis Platform Union Station. The asset traded for $125.5 million with the assistance of CBRE.

In November 2016, the previous owner landed a $67.5 million loan from Northwestern Mutual, according to Yardi Matrix. The 21-story tower came online in 2015.

The building comprises studio, one- and two-bedroom floorplans ranging between 495 and 1,425 square feet, along with roughly 6,900 square feet of ground-floor retail space, occupied by Tupelo Honey Southern Kitchen & Bar. Units feature stainless steel appliances, washers, dryers, quartz countertops and patios or balconies in select layouts.

Common-area amenities at the LEED Gold-certified high-rise include a clubhouse, fitness center, rooftop terrace and swimming pool, spa, yoga studio, indoor dog run and pet wash station. In addition, there are coworking areas and some 260 parking spaces.

Located at 1650 Wewatta St. on 15.8 acres, the transit-oriented building is within walking distance of several dining and retail options, including the Free Market shopping center. 16th Street Mall is 1.6 miles away, while downtown Denver is less than 2 miles southeast. Denver International Airport is 23 miles northeast. The property is also 2.1 miles from a 434-unit community that traded in October.

The CBRE team which represented the seller included Vice Chairmen Terrance Hunt, Shane Ozment and Chris Cowan, together with Senior Vice Presidents Andy Hellman and Justin Hunt, and Senior Transaction Managers Chris Hart and Brad Schlafer.