Source: Griffis Residential / #Multifamily #Apartments
DENVER, CO - Griffis Residential, a Denver-based multifamily investment and management company headed by Ian Griffis, David Birnbaum, and Tom Barta, continues its Front Range growth with the purchase of the The Covington on Cherry Creek in Denver, Colorado.
The 384-unit, Class-A complex located in southeast Denver along the Highline Canal offers one-, two- and three-bedroom apartments and fits well into Griffis Residential’s portfolio with its close proximity to both DTC, Cherry Creek and downtown Denver. The purchase follows the recent acquisition of the 232-unit Links at Legacy Ridge for $28.6m earlier in 2012.
The company will make over $2m in capital improvements to The Covington on Cherry Creek including upgrades to apartment unit interiors and enhancements to the property’s common areas such as exterior paint, security fencing and landscaping.
“We believe in continuously increasing the value delivered to our residents and enhancing their living experience through targeted capital improvements and excellent service,” says Tom Barta who oversees the company’s property management as Chief Operating Officer. “Covington on Cherry Creek is an excellent addition to our portfolio.”
Griffis Residential is a multifamily real estate investment company that owns and manages more than 3,100 Class-A multifamily units along the front range including Denver and Colorado Springs. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential manages a portfolio valued at over $500m with both private and institutional investors. The organization focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents.