Griffis/Blessing Ends 2016 with $85M Deal
- Dec 27, 2016
Denver—Griffis/Blessing, a 1985-founded company in Colorado, closed the year with the acquisition of Village at North Hills Apartments, a 168-unit community located in Northglenn, Co. and 286-unit Deer Crest Apartments in Broomfield, Colo. The two deals closed at a total of $85 million. CBRE brokered the first transaction, while the latter was assisted by ARA Newmark. Mortgages for both properties were arranged by CBRE.
The Village at North Hills traded for $30 million. The property is located at 11450 Melody Dr. in Northglenn, at approximately 12 miles north of downtown Denver. Built in 1999, North Hills is comprised of 69 one- and 99 two-bedroom apartment homes, averaging 894 square feet. Amenities include a swimming pool, a fitness center, a clubhouse, barbecue grills and 336 parking spaces. According to Yardi Matrix data, the previous owner of the property was Bascom Group, which acquired the community for $13 million in 2006.
Deer Crest was purchased for $55 million. Built in 1984, Deer Crest Apartments is a 286-unit, garden-style community located at 2200 West 10th Ave. in Broomfield, on a 14 acre land. The community has 106 one- and 180 two-bedroom units, averaging 883 square feet. Property amenities include dog park, seasonal pool and spa, fitness area, private patios, tennis court and 616 parking spaces. Fairfield Residential previously purchased the property for $22 million in 2004.
“Both communities are in excellent locations, offering residents prime access to top-rated schools, retail venues and outdoor activities. The communities are also in close proximity to future light rail lines which appeals to renters and will create an increase in demand,” said Gary Winegar, president of investment services at Griffis/Blessing.
The new owner plans to execute interior improvements, including plank flooring and new appliances.
Images courtesy of Yardi Matrix