Cherry Creek North Apartment Community Changes Hands and Gets New Name
Griffis Residential has acquired Alexan Cherry Creek, a recently completed, 164-unit apartment community in Cherry Creek, for $73.25 million, according to public records. Griffis purchased the property from from the properties developer, Trammell Crow Residential and has renamed the property Griffis Cherry Creek North.
After a successful lease up, Transwestern Investment Group (TIG) engaged JLL to market the asset for disposition. The JLL Capital Markets team representing the seller was Jordan Robbins and Pam Koster. At the time of sale, Griffis Cherry Creek North was 92 percent occupied.
“We partnered with Trammell Crow Residential on this development, which executed flawlessly on the design and construction, as evidenced by the rents this project is able to demand in the marketplace,” said Clarke Crenshaw, managing director at Transwestern Investment Group. “Due to the quality of this community, coupled with a Cherry Creek address, there was strong interest from the investment community.”
Alexan Cherry Creek represents one of the few true core assets that has been brought to the market this year in Denver. The community offers residents gourmet kitchens with stainless steel appliances, ceramic tile backsplash, quartz countertops, designer bathrooms, walk-in closets and spacious bedrooms. The state-of-the-art amenities include a resort-style pool and spa, media room and rooftop sundeck.
Denver’s vibrant, walkable Cherry Creek neighborhood is the epicenter of luxury living due to the mixture of retail, fine dining, hotel accommodations, and high-end residences. The average household income within a 1-mile radius of the property is nearly $200,000, with 79 percent of residents having earned a bachelor’s degree or higher and 87 percent working in white-collar occupations.
Photo courtesy of Transwestern