Griffis Wins $82M for Downtown Denver Apartments
The 400-unit property is located in the North Union Station neighborhood.
Denver—Griffis Residential has obtained an $81.9 million loan to buy Skye 2905 Urban Flats, a 400-unit multifamily community in Denver’s North Union Station neighborhood. The property is across 20th Street from downtown Denver’s only grocery store, King Soopers.
Skye 2905 is a five-story building consisting of one-, two- and three-bedroom units wrapped around a five-story parking garage. It also includes 2,714 square feet of retail on the ground floor. Residences feature nine-foot ceilings, in-unit washers and dryers, walk-in closets and wood plank or polished concrete flooring.
Common amenities include a swimming pool; outdoor entertainment lounge with grilling stations; fitness center with yoga room; and an indoor lounge with poker room, gaming center, flat-screen TVs and Foosball table. Residents have downtown, mountain and Coors Field views.
HFF represented the borrower in the deal. The loan is a 10-year, 3.98-percent, fixed-rate loan with five years of interest only, provided by a correspondent life insurance company.
Denver has had a hot apartment market for some years now, though there are signs that new development is having a dampening impact. Average rents in metro Denver dropped in the fourth quarter of 2016 and vacancies were up from 5.1 percent in 3Q to 6.2 percent by the end of last year, according to the most recent Denver Metro Area Apartment Vacancy and Rent Report by the Daniels College of Business.