JV Acquires $41M CO Community
- Sep 13, 2017
Griffis/Blessing partnered with Freshwater Investments to acquire Lamplight Square at the Park, a 280-unit community located in Colorado Springs, Colo. Brady O’Donnell of CBRE arranged the FMAC mortgage. CB was the broker in the transaction. The asset commanded $41.1 million.
The 17 two- and three-story buildings feature one- and two-bedroom units averaging 723 square feet. According to data provider Yardi Matrix, the community had an average rental rate of $1,086 and boasted an occupancy rate of 95.0 percent as of July. Amenities include:
- central air conditioning
- private balconies/patios
- walk-in closets
- business center
- 24-hour fitness center
- coffee bar
- swimming pool
- barbecue and picnic area
Griffis/Blessing plans to upgrade unit interiors by adding new appliances, fixtures and countertops, as well as replace the carpet with plank flooring in selected areas. Additionally, the company plans to improve the outdoor/indoor pool and the fitness area.
“The Lamplight Square acquisition … has marked the beginning of a new level of partnership between our firms as we combined our resources to buy this property,” Alex Rozenfeld, principal of Freshwater Investments, said in a statement. “This is certainly a milestone worth noting and celebrating by our investors as it puts Freshwater on a trajectory towards bigger and better acquisitions. High-potential properties like Lamplight are unique and rare, so adding it to our portfolio is a huge accomplishment, but we’re not resting on our laurels and are already seeking new opportunities for our investors.”
Images courtesy of Griffis/Blessing