On November 30, 2012, Griffis/Blessing completed the purchase of Aspen Point Apartment Homes, a 120-unit apartment community in Arvada, Colorado, in the Denver Metro Area. The property is situated in a very desirable location near employment centers, shopping and dining in the nearby Olde Town Arvada area, and is adjacent to numerous outdoor activities, such as parks, trails and open spaces.
Gary Winegar, Chief Investment Officer for Griffis/Blessing, says that demographics and low interest rates favor the multifamily investment sector. "We continue to seek strong current yields for our investors, and with state-wide occupancy rates at high levels, we believe the multifamily segment is very attractive and will be for a number of years ahead," says Winegar. "This is our third multifamily purchase in the past 12 months—our first in Arvada—and we are under contract to purchase another property in the Denver Metro Area before the end of the year."
"We are very excited about this property for a number of reasons," says BJ Hybl, President and Chief Operating Office for Griffis/Blessing's Property Services Group. "We feel there are a number of opportunities to add value to the property, such as upgrading select unit interiors and enhancing the drive-up image and signage of the property, and with the extension of the Gold Line Light Rail system, we believe the Arvada submarket will continue to be a very desirable place to live, work and play. We are pleased to be getting in the market now."
Financing for the acquisition was arranged by Steve Koeneke and Brock Yaffe of Northmarq Capital through Northmarq's Fannie Mae-DUS subsidiary, Amerisphere Financial. "This was a highly sought after loan, particularly between the two agencies, Freddie and Fannie," says Koeneke. "Both have familiarity with Griffis/Blessing and view them as top-notch sponsors. In the end, Fannie was able to provide better loan proceeds and a more favorable rate."
The broker for the transaction, Pat Stucker, CCIM, of Cushman & Wakefield, believes that the property's location and capital improvement opportunities make this a strong purchase. "Aspen Point is ideally located close to Olde Town Arvada and has received substantial renovations over the previous five years," says Stucker. "With an opportunity to add value through unit interior upgrades, coupled with limited opportunities for new multifamily development in the immediate area, Aspen Point is an excellent buy in the Denver market for Griffis/Blessing."
Headquartered in Colorado Springs, CO with an additional office in Denver, Griffis/Blessing, Inc. currently manages over 4 million square feet of commercial space, and more than 4,000 apartment units located along Colorado’s Front Range. The company has provided award-winning property management and real estate investment services throughout Colorado since 1985. For more information, visit www.griffisblessing.com.