DENVER, CO – Griffis/Blessing will end 2016 with the acquisition of 454 multifamily units in metro Denver, closing two deals totaling $85.3 million. The Village at North Hills Apartments in Northglenn was purchased on December 16th, and Deer Crest Apartments in Broomfield was acquired on December 22nd.
The Village at North Hills is a 168-unit, multifamily community located approximately 12 miles north of downtown Denver. Built in 1999, North Hills is comprised of one-bedroom and two-bedroom apartment homes, averaging 894 square feet, with spacious living areas and in-unit washer & dryers, while select units offer mountain views and fireplaces. The community provides residents with a swimming pool, fitness center, clubhouse and barbecue grills.
Built in 1984, Deer Crest Apartments is a 286-unit, garden-style community on 14 acres, midway between Boulder and Denver on US Highway 36. The community has one-bedroom and two-bedroom floor plans, averaging 883 square feet. Residents enjoy a number of amenities, including a bark park, seasonal pool and spa, fitness area and private patios/balconies. Select apartments also have detached garages and skylights.
“Both communities are in excellent locations, offering residents prime access to top-rated schools, retail venues and outdoor activities. The communities are also in close proximity to future light rail lines which appeals to renters and will create an increase in demand,” says Gary Winegar, President of Investment Services at Griffis/Blessing.
Winegar also states, “Both communities offer strong opportunities for our value-add strategies, such as unit interior improvements, which will include plank flooring and new appliances. We also plan to update the pool areas with a more resort-style atmosphere and upgrade the fitness areas and equipment. These improvements will allow us to increase rents but still keep them below new product in the area.”
William J. Hybl, Jr., President and COO of Griffis/Blessing, says, “We have a proven track record for not only controlling costs with our on-staff, Class A general contractor to oversee capital renovations, but also for streamlining on-site management and operations, while improving the overall resident experience.
The Village at North Hills closed at $30.3 million with the assistance of listing broker, CBRE. Deer Crest was purchased for $55 million with ARA Newmark serving as the listing broker. The mortgages for both properties were arranged by Brady O’Donnell with CBRE.
Headquartered in Colorado Springs with additional offices in Denver, Griffis/Blessing, Inc., currently manages over four million square feet of commercial space and more than 9,600 apartment units. The company has provided award-winning property management and real estate investment services since 1985.