CREJ - page 15

August 19-September 1, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 15
by Jennifer Hayes
Griffis/Blessing Inc. is taking to
new heights its newly acquired
Colorado Springs apartment
community.
The firm paid $22 million, or
$124.53 per square foot, for the
Union Heights Apartments, a
220-unit property at 4770 Night-
ingale Drive, where it already has
initiated capital and operational
improvements.
“Union Heights is poised for
rent growth. Our proven value-
add capital improvement plan
will give us
the opportuni-
ty to showcase
the commu-
nity’s poten-
tial,”
said
Gary Winegar,
president of
i nve s tmen t
services for
Griffis/Bless-
ing. “Investors
will benefit from these enhance-
ments by seeing immediate cash
flow while residents will begin
to enjoy a higher quality of apart-
ment living.
“We’ve been doing value-add
deals since 1985; it’s our forte,
we know how to do it,” he con-
tinued. “Union Heights is right
in our backyard; it is centrally
located in a submarket that does
well. There were a lot of things
we liked about the asset.”
Colorado
Springs-based
Griffis/Blessing plans to enhance
building exteriors; upgrade the
clubhouse and related amenities;
improve landscaping; renovate
the pool area; and revamp on-site
management services to better
meet residents’ expectations.
Improvements are expected to
be complete by year-end. Griffis/
Blessing also plans to improve
unit interiors as apartments turn
over.
“The community offers poten-
tial residents an affordable place
to live while situated in a highly
desirable location, near the inter-
section of Academy and Union
boulevards, allowing for conve-
nient access to everyday needs
from grocery shopping and edu-
cation to retail shopping and
entertainment,” added William J.
Hybl Jr., president and chief oper-
ating officer of Griffis/Blessing.
Constructed in 1984, Union
Heights comprises one- and two-
bedroom units that average 803
sf. Community amenities include
a swimming pool, barbecue grill-
ing station, clubhouse with a
business center, theater room and
fitness center, and views of Pikes
Peak and the Front Range.
At the time of sale, Union
Heights was 94 percent occupied.
David Potarf, Dan Woodward,
Matt Barnett and Jake Young of
CBRE listed the property for sell-
er Holland Residential, part of the
Holland Partner Group. Union
Heights Apartments was part of
a larger portfolio of properties
in Colorado Springs and metro
Denver that Holland is selling.
Brady O’Donnell of CBRE
arranged the financing.
The acquisition of Union
Heights Apartments represents
Griffis/Blessing’s first multifam-
ily purchase in Colorado Springs
this year, as the company recently
has been in disposition mode.
However, the acquisition likely
won’t be its last in 2015, as it cur-
rently is looking to go under con-
tract on an apartment community
in metro Denver and is working
on another potential acquisition
in Colorado Springs, added Win-
egar.
“Our goal is to be buyers.”
Griffis/Blessing, which also
has offices in Denver and Boise,
Idaho, currently manages more
than 4 million sf of commercial
space and more than 8,500 apart-
ment units and owns upward of
3,000 apartment units.
Molly Markel, district manager
for Griffis/Blessing, will manage
the community with day-to-day
operations led by on-site prop-
erty manager Christina Musell.
Other News
n
Colorado Springs’ officemar-
ket saw another positive quarter
– a trend
Quantum Commercial
Group Inc.
expects to continue
for the balance of the year and
into 2016.
Net absorption for the overall
Colorado Springs office market
Colorado Springs/So. Front Range
The 220-unit Union Heights Apartments sold for $124.53 per square foot.
The 1984 community “poised for rent growth” is undergoing a value-
add capital improvement plan.
Gary Winegar
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