Griffis/Blessing, Inc., closed today on Western Hills Apartments for $21 million, its’ second Colorado Springs multifamily community purchase of 2017.
“This acquisition allows us the opportunity to continue to position ourselves as a leader in owner-operated property management in southern Colorado,” says William J. Hybl, Jr., President and COO of Griffis/Blessing. “We have a substantial track record of improving operations and controlling costs, while synchronously enhancing the experience for residents.”
Built in 1985, Western Hills is comprised of 152 units, with a mix of one-bedroom and two-bedroom apartments, averaging 849 square feet, in eight buildings on 7.48 acres. Each apartment home has a washer and dryer, spacious closets, a private balcony or patio, and a wood-burning fireplace. Community amenities include a clubhouse with media room and kitchen, 24-hr fitness center, heated outdoor swimming pool, barbeque and picnic area, courtyard, and playground. Additionally, the property sits adjacent to World Golf and Sand Creek Golf Course with a 9-hole executive length course, miniature golf, and driving range.
“The multifamily market in Colorado Springs has experienced strong rent growth over the past several years, and we believe Colorado Springs is poised for that rent growth to continue. Western Hills should be a solid investment with strong job growth nearby,” 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, including the installation of air conditioners, currently lacking at the community. We also intend to renovate the clubhouse and fitness center, the pool area and other community amenities, creating a positive impression not only for potential renters visiting the property, but for current residents too.”
Simone Headen, CAM will serve as the Regional Manager for the community, with day-to-day operations headed by Property Manager, Christina Gibson, CAM.
CB was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.
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 four and a half million square feet of commercial space and more than 9,300 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com.