Griffis Residential Pays $40M for Strathmore Apartments in Lafayette, CO
- Nov 26, 2014
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