GOLDEN, CO - Griffis/Blessing, Inc., closed today on Clear Creek Commons, a 55+ Active Senior Living community in Golden, Colorado, for $18.7 million.
“This acquisition allows us the opportunity to continue to position ourselves as a leader in owner-operated property management in Colorado and to expand into an area of the state we haven’t reached previously,” said William J. Hybl, Jr., President and COO of Griffis/Blessing. “We have a substantial track record of improving operations and controlling costs, while simultaneously enhancing the experience for residents.”
Built in 2003, Clear Creek Commons is comprised of 45 apartments, with a mix of one-bedroom and two-bedroom units, averaging 821 square feet. Each apartment home has a washer and dryer, spacious closets, and secure off-street parking, while select units offer a private balcony or patio and a wood-burning fireplace. Community amenities include a gourmet entertainment kitchen and dining room, a cardio/fitness center, media room and business center, a community gardening space, scheduled transportation, concierge services, and bi-weekly housekeeping. Clear Creek Commons is also home to Sassafras Restaurant and has direct access to Clear Creek hiking trails and Parfet Park.
“Due to its favorable location in Golden, one of the top ten places to retire in Colorado, the market positioning and our management team's focus on operations and capital improvements, we believe Clear Creek Commons will be a solid investment,” said Gary Winegar, President of Investment Services of Griffis/Blessing. “This community is perfectly positioned for our proven value-add strategies. Our plan is to upgrade unit interiors, as they haven’t had any substantial upgrades in over 15 years. These high-end level renovations will include new fixtures, new appliances, upgraded countertops and carpet replacement, along with the installation of plank flooring in some units.”
CBRE in Denver acted as the broker and arranged financing for the acquisition.
Griffis/Blessing, Inc., is the only Accredited Management Organization, AMO, headquartered in Colorado Springs, CO. With additional offices in Denver, Griffis/Blessing currently manages over five million square feet of commercial space and more than 7,200 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com