On December 29, Greenwood Village-based Griffis Residential announced that Griffis Premium Apartment Fund VI (Fund VI) has acquired Platform Union Station (rebranded Griffis Platform Union Station). The property sold for $125.5 million, according to property records. The transaction is the third acquisition for Fund VI.
Griffis Platform Union Station is a 22-story, 287-unit apartment tower located at 1650 Wewatta St., adjacent to Denver’s thriving Union Station, a multimodal hub offering premium lifestyle amenities and convenient access to the central business district.
The building’s developer — Holland Partner Group — delivered the property in 2015. The firm also owns Griffis LoDo, Griffis Union Station and Griffis North Union.
The pet-friendly apartments offer one and two-bedroom options, and feature in-home washers and dryers, spacious closets, a year-round resort-style pool and a pet washing station.
Griffis was drawn to the property’s high-quality, 22-story construction acquired at a ~35% discount to estimated replacement cost, with compelling attributes fitting the Griffis Residential investment strategy, including rental headroom to comparable communities and upside potential through an enhanced resident environment.
Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart, and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller.
Griffis Residential is a vertically integrated multifamily investment firm currently operating a $3.4b portfolio of institutional-quality apartment communities in high-growth innovation hubs. The Griffis Residential management platform includes approximately 275 apartment professionals located in Austin, Denver, Portland, San Diego, Seattle, Silicon Valley, and Los Angeles. Built on over 35 years of multifamily investment experience, Griffis Residential has established a leading reputation for its all-weather investment strategy and strong track record of value creation through multiple market cycles.
