Denver-based Griffis Residential Acquires Denver Apartments for $45.65M
Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver has sold for $45.65 million.
Holliday Fenoglio Fowler, L.P. (HFF) worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53 percent fixed interest rate.
Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities. Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97 percent leased at closing.
“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”
The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.
Photo courtesy of HFF