Griffis/Blessing, Inc., closed on Lion Village Student Housing in Colorado Springs, Colorado, on December 27, 2019, for $34 million.
“This acquisition allows us the opportunity to jump into a hot student housing market around the flourishing University of Colorado, Colorado Springs campus,” said William J. Hybl, Jr., President and COO of Griffis/Blessing. “We have a substantial track record with this community, having managed it since its opening in 2015, and we look forward to continuing to cultivate its success and maintaining a positive experience for residents.”
With its third phase completed last year, Lion Village is comprised of 141 units with a total of 508 bedrooms. The townhomes offer a mix of two, three and four bedrooms, averaging 1,021 square feet. Each apartment home comes fully furnished, including housewares and a washer and dryer, and with utilities, internet and cable included. Every bedroom has its own private bathroom and spacious closet. Community amenities currently include a heated swimming pool, business center, fitness center and 24-hour maintenance.
“Due to its favorable location, market positioning and our management team's focus on operations and capital improvements, we believe Lion Village to be a solid investment,” said Gary Winegar, President of Investment Services of Griffis/Blessing. “Our strategic plan includes upgrading the clubhouse by optimizing the space for the benefit of student functionality. Additionally, study rooms and a gathering space will be introduced to support the collaborative and group-related aspects of today’s education curriculum.”
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.