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February 18-March 3, 2015 — COLORADO REAL ESTATE JOURNAL — Page 5AA
“panoramic views” of the Front
Range mountains, according to
Griffis/Blessing.
Griffis/Blessing will enhance
unit interiors, and continue with
exterior and grounds improve-
ments, particularly in the pool
area. It also will improve on-site
management services to better
meet new renters’ expectations,
the company said.
These capital and operation-
al improvements are part of its
“time-tested value-add” plan initi-
ated when it acquires a property,
according to Griffis/Blessing.
“With this acquisition, we are
particularly looking forward to
the opportunity to showcase our
proven capital improvement strat-
egies and property management
expertise with a stronger presence
in the Denver metro apartment
marketplace," said Gary Win-
egar, chief investment officer for
Griffis/Blessing.
Griffis/Blessing’s strategy is
good for residents and investors,
he said.
"It’s a win-win deal for both the
residents of the apartment com-
munity who will benefit from
these planned improvements, as
well as our investors who will see
immediate cash flow,” Winegar
said.
The property will be managed
by Scott Kirksood, a regional prop-
erty salesmanger forGriffis/Bless-
ing. Marissa Duncan will handle
day-to-day operations on site.
Brady O’Donnell of CBRE
arranged the FMAC mortgage for
the property on behalf of Griffis/
Blessing.
David Martin and Pam Koster
of Moran and Co. were the bro-
kers on the transaction.
Other News
n An unidentified buyer paid
$3.3million for an apartment com-
munity with a total of 34 units in
Castle Rock.
The local buyer purchased the
Castle Court Apartments at 7 and
19 Cantril St. The two buildings
each have 17 units.
The sales price equates to
$97,058 per unit and $90.52 per
square foot. One building was
constructed in 1980 and the other
in 1985.
“These buildings were attractive
to the buyer because of the lack
of B/C class multifamily assets
in Castle Rock, not to mention
their proximity to downtown,”
said Josh Newell of Pinnacle Real
Estate Advisors, who represented
both the buyer and the local seller
in the transaction.
“The buyer plans to lightly reno-
vate the property over the next
couple of years, which should
yield significantly higher rents,”
Newell said.
The seller had only recently
acquired the property.
“This was a quick flip for the
seller, who was thrilled with the
returns they attained in such a
short period of time,” Newell
said.s