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Page 32 — COLORADO REAL ESTATE JOURNAL — March 4-March 17, 2015
Multifamily
by John Rebchook
Denver-based Griffis Resi-
dential recently paid $44.25
million for the 264-unit Rem-
ington West Apartments in
Westminster.
Griffis, which owns about
6,000 apartment units in Colo-
rado, Nevada and Texas, pur-
chased the community at 6969
W. 90th Ave. from Baron Prop-
erties, also based in Denver.
Baron paid $30.25 million for
the community in 2011, accord-
ing to public records.
Baron paid $114,583 per unit.
By comparison, Griffis paid
$167,614 per unit, which is still
considered below the replace-
ment cost.
However, Baron also paid to
renovate the property.
DavidMartin and PamKoster
of Moran and
Co. listed the
community.
Griffis best-
ed 15 other
offers for
the property,
according to
Koster.
“There was
a tremen-
dous amount
of information on this one,”
Koster said. “We received 16
offers.”
She described it as a “vin-
tage 1990s deal. That is right in
the wheelhouse of just about
everyone,” Koster said.
“They like that it has a bit of
a value-add proposition, but it
is newer than the ’70s and ’80s
properties.”
Griffis immediately renamed
the community as the Griffis
Westminster Center.
The new name reflects the
community’s proximity to
the former Westminster Mall,
which is being redeveloped
into a “vibrant, mixed-use
urban downtown hub,” accord-
ing to Griffis.
“Griffis Westminster Cen-
ter holds tremendous promise
within the Griffis Residential
multifamily portfolio,” said
Griffis Residential CEO David
Birnbaum.
“With close proximity to the
emerging bus rapid transit sys-
tem and the
Westminster
Center rede-
v e l o pme n t
project, we
believe the
commun i t y
will be in
high demand
among West-
m i n s t e r ’ s
w e l l - e d u -
cated workforce for years to
come,” Birnbaum said.
“When these positive proper-
ty attributes are combined with
planned property improve-
ments and our management
initiatives, Griffis Westminster
Center will be in a prime posi-
tion to drive superior financial
results over the long term,” he
said.
Koster said Griffis Residen-
tial wouldn’t have to do much,
given that the community is
relatively new.
“It will be kind of a value-
add-lite upgrade,” Koster said.
“It will be mostly cosmet-
ic,” she said, as the commu-
nity is in great shape, with no
deferred maintenance.
“The seller did most of the
heavy lifting,” as far as reno-
vating the property, she said.
The community is near U.S.
36, making it “ideally situated
among the highest concentra-
tion of software, computer,
technology and photonics com-
panies in the U.S.,” according
to the company.
That is absolutely correct,
Koster said.
“Investors loveWestminster,”
she said. “We always have a
lot of interest in Westminster.
It is a great market, with its
proximity to all of the high-
tech firms along the U.S. 36
corridor, but at the same time
is close to downtown Denver.”
The garden-style property
offers six floor plans, from one-
to three-bedrooms, ranging in
size from 672 to 1,180 square
feet.
Amenities include a club-
house, business center, fit-
ness center, media room, and
a heated pool and spa amid
an advantageous location in a
parklike setting.
Other News
n An unidentified buyer
paid $7.4 million for the 39-unit
apartment building at 6 Lin-
coln St. in Denver.
The sale of the 31,175-square-
foot, renovated building
equates to $189,744 per unit
and $258.79 per sf. The building
was constructed in 1964 and is
close to shops and restaurants
along South Broadway. It also
has 30 parking spaces.
Kevin Calame and Matt
Lewallen of the Calame
Lewallen Team at Pinnacle
Real Estate Advisors, LLC
represented the seller in the
transaction. Robert Lawson,
a senior adviser at Pinnacle,
represented the buyer.
n An unidentified local buyer
paid $5.6 million for the 81-unit
Amerst Apartment Homes at
2775 S. Federal Blvd. in Denver.
The sale price equates to
$69,136 per unit and $88.29 per
sf.
The transaction was handled
by Josh Newell and Robert
Lawson, senior advisers at
Pinnacle Real Estate Advisors
LLC.
The seller had spent more
than $1.4 million on renova-
tions on the 42-year-old prop-
erty since 2010.
“The market really respond-
ed nicely to our marketing
efforts,” said Newell, who rep-
resented the local seller. Law-
son represented the local buyer
in the transaction.
“The buyer assumed the sell-
er’s current Fannie Mae loan,
which is an incredibly tedious
process; however, the strength
of the buyer, the terms of the
note and the negotiated price
turned out to be well worth
the investment for the buy-
er’s desired return,” Lawson
said.s
Remington West is now called the Griffis Westminster Center.
Pam Koster
David Birnbaum