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January 21-February 3, 2015 — COLORADO REAL ESTATE JOURNAL — Page 5AA
an apartment is 996 square feet.
Griffis/Blessing will enhance
unit interiors, continue with
exterior and grounds improve-
ments, particularly in the pool
area, and improve on-site man-
agement services to better meet
new renters’ expectations.
These capital and operational
improvements are part of the
Colorado Springs firm’s typical
value-add plan for acquisitions.
“With this acquisition, we are
particularly looking forward to
the opportunity to showcase
our proven capital improve-
ment strategies and property
management expertise with a
stronger presence in the Denver
metro apartment marketplace,"
said Gary Winegar, chief invest-
ment officer for Griffis/Bless-
ing.
"It’s a win-win deal for both
the residents of the apartment
community who will benefit
from these planned improve-
ments, as well as our investors
who will see immediate cash
flow,” Winegar said.
William J. Hybl Jr., president
and chief operating officer of
Griffis/Blessing Property Ser-
vices Group, said the company
liked the location of the com-
munity.
“Located in the highly desir-
able Lakewood submarket, min-
utes from major thoroughfares
and River Point shopping dis-
trict as well as being adjacent
to the Bear Creek Trail System,
make this asset a valuable addi-
tion to our multifamily portfo-
lio,” Hybl said.
The property will be managed
by Regional Property Manager,
Scott Kirkwood. Day-to-day
operations will be handled by
Marissa Duncan.
The property was listed by
David Martin and Pam Koster
of Moran and Co.
Brady O’Donnell of CB Insur-
ance arranged the mortgage on
behalf of Griffis/Blessing.
n An unidentified buyer paid
$810,000, or $67,500 per unit,
for a 12-story apartment build-
ing constructed in 1954 at 1190 S.
Sheridan Blvd. in Denver.
The sale of the property at Sher-
idan andMorrisonRoad includes
a billboard lease that generates
about $12,000 in income annu-
ally.
Joe Hornstein of Pinnacle Real
Estate Advisors LLC represented
the seller in the transaction.
“The deal was a legitimate
10.46 percent capitalization rate
based on 2014 year to date finan-
cials at time of sale,” Hornstein
said.
“There are still deals out there
at above-market investment
returns, if an investor is willing
to consider venturing into less
desirable submarkets,” Horn-
stein said.
“The buyer was completing
a 1031 exchange into the prop-
erty and did not obtain financ-
ing to complete this transaction,”
according to Hornstein.s
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