Griffis Residential Acquires 288-unit Apartment Community in Aurora for $40.8 Million
- May 07, 2014
Denver-based Griffis Residential recently announced the acquisition of the City Lights apartments. Located in Aurora, Colo. near the Fitzsimons Medical Campus, the Class-A community features 288 units and was purchased for $40.8 million.
The City Lights transaction was completed in a joint venture with PCCP LLC, becoming the fifth transaction for the partnership.
The City Lights acquisition is the second of the year for the company, taking the total tally of Class-A multifamily units that Griffis Residential owns and manages to 5,718. In January the company acquired The Wellington apartments, a 332-unit community in Las Vegas.
“City Lights apartments presents a compelling opportunity to apply our time-tested multifamily property investment strategy,” says Griffis Residential CEO David Birnbaum. “We see a bright future for City Lights due to its proximity to the strong labor market within the Fitzsimons Medical Campus and easy access to DIA and downtown Denver via the expanding public transit system adjacent to the property. Bolstered by a waiting list at City Lights for premium apartment units, we also have a ripe opportunity to implement our targeted capital improvement program, which is one of the cornerstones of our overall investment strategy.”
The company also announced that the newly acquired property will be renamed Griffis Fitzsimons South. Built in 2008, the community is located adjacent to the future 2nd and Abilene Street light rail station and just 2.5 miles from the Fitzsimons Medical Campus. The garden-style property offers six floor plans from one- to three-bedrooms, ranging in size from 637 to 1,439 square feet. Griffis Fitzsimons South features numerous high-end amenities including direct access garages and car ports, a clubhouse, fitness center, business center, heated pool and spas and a conference room.
Click here for more market data on Denver.
Photo Courtesy of: www.griffisfitzsimonssouth.com