Source: Griffis Residential / #Multifamily #Apartments
COLORADO SPRINGS, CO - Griffis Residential, a Denver-based multifamily investment and management firm, announced that it has sold Sagebrook Apartments located in northeast Colorado Springs, Colorado for $48.8 million. The sale price of the 314-unit Class-A community reflects an appreciation in value of $12.6 million from the acquisition price of $36.2 million in July of 2008. The Sagebrook transaction follows the sale of The Oasis Apartments in December 2014 for $40 million. The sale price of Oasis reflected an increase in value of $13.0 million over a nine-year holding period.
“Despite acquiring Sagebrook at the onset of the Great Recession in 2008, the property performed among the best in the Griffis Residential portfolio,” said Griffis Residential Chairman Ian Griffis. “We attribute the success of our Sagebrook and Oasis investments to our asset class specialization and intense focus on management service, which we believe helps drive superior financial results through the best and worst of market cycles.”
Griffis Residential’s recent disposition of 566 apartment units in Colorado Springs follows the combined acquisition of 710 units in Lafayette, CO and Austin, TX in November 2014. The company’s acquisition in the Austin metro area is part of a planned market expansion beyond the firm’s existing portfolio of premium multifamily communities located in Colorado and Nevada. Griffis Residential anticipates further unit increases throughout 2015 as the company continues to seek multifamily acquisitions in its target markets.
Griffis Residential is a multifamily real estate investment company that owns and manages more than 5,400 Class-A apartment units in Colorado, Nevada and Texas. With a property portfolio valued at approximately $800 million, Griffis Residential is the second largest institutional quality Class-A multifamily apartment owner in Colorado.