Deer Crest Apartments in Denver Purchased by Griffis/Blessing for $55M
Denver, CO – Griffis/Blessing, Inc., recently closed on Deer Crest Apartments in Broomfield for $55 million, with the assistance of ARA Newmark, the listing broker.
“Deer Crest is in an ideal location, midway between Boulder and Denver and only five minutes east of the Flatirons Station on the future Northwest Rail Line, which will appeal to residents looking for a more urban lifestyle,” says William J. Hybl Jr., President and COO of Griffis/Blessing.
“The Technology boom in Boulder has created demand for housing that is spilling over into surrounding cities including Broomfield. The property’s nearest competition is nearly four miles away, with only newer product in the immediate area. The employment and population growth of the Northwest Corridor will contribute to the success of Deer Crest for years to come,” stated ARA Shane Ozment, ARA Newmark Vice Chairman.
Built in 1984, Deer Crest Apartments is a 286-unit, garden-style community on 14 acres, near US Highway 36. The community is comprised of one-bedroom and two-bedroom floor plans, averaging 883 square feet. Residents enjoy a number of amenities, including a bark park, seasonal pool and spa, fitness area and private patios/balconies. Select units offer detached garages and skylights.
Gary Winegar, President of Investment Services of Griffis/Blessing states, “This community is a perfect fit for our value-add strategies of unit interior improvements that will include adding washers/dryers to the 49 units currently without them. We also plan to update the pool deck to a more resort-style atmosphere and upgrade the fitness area and equipment.”
Jennifer Taylor will serve as the District Manager for the community, with day-to-day operations headed by the on-site manager.
Images courtesy of ARA, A Newmark Company