Griffis/Blessing Pays $33M for Glenbrook Apartments
- Nov 08, 2016
Denver—Griffis/Blessing has finalized the $33.4 million acquisition of Glenbrook Apartments, a 252-unit multifamily community located in southeast Denver. Built in 1985, the community consists of studios, one- and two—bedroom apartment units averaging 752 square feet and offers residents an outdoor swimming pool, indoor spa and sauna, clubhouse with business center and fitness center, racquetball court and walkable acreage with a pond and fountain.
“This asset fits right into our proven value-add investment strategy, (…), this community has been held by the original owner since its development in the ‘80s and presents an opportunity to really add value to a well- located property in the Denver market,” Gary Winegar, president of Investment Services for Griffis/Blessing, said in a prepared statement.
The property will be managed by Rachel Butler, district manager, while Nicole Harris, property manager, will lead day-to-day operations at the site. Improvement plans will entail adding in-unit washers and dryers, upgrading unit interiors and corridors, updating the clubhouse, including the fitness center, pool deck and other shared amenities.
“We are excited about the addition of Glenbrook Apartments. Its location in a very strong multifamily market and close proximity to major drivers of employment, entertainment and education, as well as both an existing light rail line and one of the newest lines opening soon, will be appealing to renters and create an increase in demand,” stated William Hybl, Jr., president & COO of Griffis/Blessing.
Image courtesy of Griffis/Blessing