COLORADO SPRINGS, CO – Griffis/Blessing, in partnership with Freshwater Investments, finalized the acquisition of Lamplight Square at the Park Apartments in Colorado Springs. The property was purchased for $41.1 million. CB was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.
“Lamplight Square at The Park presents a well-located, value-add opportunity within the highly sought after northern submarket of Colorado Springs. Situated along Erindale Park, the community provides a park-like setting with unobstructed mountain views, while conveniently located off of N. Academy Boulevard for immediate access to shopping, dining, entertainment and recreation,” says William J. Hybl Jr., President and COO of Griffis/Blessing. “Due to its favorable location, market positioning and our management team's focus on operations and capital improvements, Lamplight should prove a solid investment for our partners.”
Alex Rozenfeld, Principle of Freshwater Investments, states: “We have a long-standing relationship with Griffis/Blessing and rely on them to manage all of our Colorado properties. The Lamplight Square acquisition, however, has marked the beginning of a new level of partnership between our firms as we combined our resources to buy this property. 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.”
Built in 1984, Lamplight Square at The Park consists of 280 apartment homes with four floor plans and an average unit size of 723 square feet. One bedrooms range in size from 550-685 SF, while two bedrooms range from 805-960 SF. Each apartment home has a washer and dryer, central air conditioning, a private balcony or patio, walk-in closets, ample storage and a vaulted ceiling in select units. Community amenities include a clubhouse with leasing office and business center, 24-hr fitness center, coffee bar, swimming pool, spa, bbq/picnic area, courtyard and ample covered parking. Additionally, the property sits adjacent to Erindale Park with biking and walking trails, adding to the appeal of the site.
Gary Winegar, President of Investment Services of Griffis/Blessing states, “This community is ideally positioned for our value-add strategies of unit interior improvements including new appliances, fixtures and countertops in the kitchen and bath as well as the replacement of carpet with plank flooring in select areas. We plan to upgrade the indoor/outdoor pool area to a more resort-style atmosphere and update the fitness area and equipment. We will also be renaming the community as part of the rebranding plan.”
Penny Gettler, CAM will serve as the District Manager for the community, with day-to-day operations headed by the on-site manager, Jennifer Ruth.