December 3-December 16, 2014—
COLORADO REAL ESTATE JOURNAL
— Page 13
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
Griffis Residential’s apartment
portfolio has topped 5,000 units
with the acquisition of a Class A
community in Lafayette.
The Denver-based multifam-
ily investment and management
firm paid $39.9 million for the
Strathmore Park Apartments,
which it has renamed Griffis
Lafayette Station. The 208-unit
community is adjacent to the
Lafayette Park-n-Ride, giving
it convenient access to major
employment centers on the U.S.
Highway 36 corridor.
With the acquisition, Griffis
Residential owns and manages
5,146 Class A apartment units.
“As demonstrated by our
acquisitions over the past 12
months, we remain active in our
established markets of Denver
and Las Vegas while we pur-
sue investment opportunities
in other compelling markets,”
Griffis Residential CEO David
Birnbaum said in a press release.
“Amid Denver’s falling vacan-
cy rates, we anticipate apartment
unit absorption to remain above
long-termhistorical averages into
the foreseeable future. The posi-
tive market forces will keep the
pursuing of investment oppor-
tunities within the Denver metro
area on our radar for some time
to come.”
Built in 1999, Griffis Lafayette
Station is a garden-style property
with seven floor plans ranging
from one to three bedrooms and
from 701 to 1,359 square feet. The
community features a clubhouse,
business center, fitness center,
heated pool and laundry center,
along with detached garages and
a private park. It is surrounded
by opportunities for outdoor rec-
reation, including the Coal Creek
Trail and Waneka Lake Park.
Griffis will invest nearly $3 mil-
lion into community and apart-
ment upgrades.
Fairfield Residential previously
owned the property.
s
Formerly Strathmore Park, Griffis Lafayette Station features a heated
pool and year-round spa.
by Jill Jamieson-Nichols
With more than a year go to
before it delivers space, PearlWest
is nearly 50 percent preleased.
Galvanize, long expected to be
a tenant in the downtown Boul-
der office/retail project, has signed
a lease for 27,000 square feet. A
collaborative workplace/learning
environment for tech entrepre-
neurs, it will occupy the full first
and second floors of the building
facingWalnut Street.
Galvanizewill joinCrestoneCap-
ital Advisors LLC, a wealth man-
agement firm that leased 28,000
sf, and Eureka!, a California-based
burger restaurant that features craft
beers and artisan liquors. Eureka!
will occupy 4,000 sf.
PearlWest will open to tenants in early 2016.
by Jill Jamieson-Nichols
An office/retail building on
Pearl Street in Boulder sold to
a local investor for $2.12 mil-
lion, or approximately $326 per
square foot.
West Wind Colorado LLC
bought the 6,500-sf building at
1537 Pearl from BCKC LLC.
The three-story brick build-
ing was constructed in the
early 1900s and houses three
tenants: Element Properties,
Trill Alternatives and Voodoo
Hair Lounge, a hair salon that
plans to relocate this month.
Voodoo’s subleased its space to
a home furnishings company.
Terry Kruegel of Kruegel
Commercial Real Estate repre-
sented the seller in the trans-
action. Scott Crabtree of The
by Jill Jamieson-Nichols
Boulder’s first apartment
community for chronically
homeless person has opened at
1175 Lee Hill Road.
The 31-unit development by
Boulder Housing Partners will
provide permanent homes and
supportive services for home-
less individuals to help them
achieve long-term stability and
self-reliance.
“Providing permanent, sup-
portive housing for people
experiencing chronic home-
lessness is both a compas-
sionate response and a cost-
effective approach to assisting
this vulnerable population,”
Angela McCormick, chair of
BHP’s board of commissioners,
said in a press release. “Hous-
ing creates stability in people’s
lives.”
