Griffis/Blessing Purchases Glenbrook Apartments in Denver
DENVER, CO – Griffis/Blessing, Inc., finalized the acquisition of Glenbrook Apartments located in southeast Denver, CO on November 1st. Glenbrook is a 252-unit, garden-style multifamily community built in 1985 that is comprised of studios, one- and two-bedroom apartment homes, averaging 752 square feet. The community offers residents an outdoor swimming pool, indoor spa and sauna, clubhouse with business center and fitness center, racquetball court and walkable acreage with a pond and fountain.
The property was purchased for $33.4 million. ARA Newmark was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.
The Glenbrook Apartment community has not undergone any significant capital improvements since it was built over 30 years ago. Griffis/Blessing believes it is perfectly positioned for a complete upgrade of the amenity package and unit interiors. Improvement plans will entail adding in-unit washers and dryers, upgrading unit interiors and corridors, updating the clubhouse, including the fitness center, pool deck and other shared amenities.
“This asset fits right into our proven value-add investment strategy,” says Gary Winegar, President of Investment Services for Griffis/Blessing. “This community has been held by the original owner since its development in the ‘80s and presents an opportunity to really add value to a well- located property in the Denver market.”
William J. Hybl, Jr., President and COO of Griffis/Blessing states, “We are excited about the addition of Glenbrook Apartments. Its location in a very strong multifamily market and close proximity to major drivers of employment, entertainment and education, as well as both an existing light-rail line and one of the newest lines opening soon, will be appealing to renters and create an increase in demand.”
Image courtesy of Griffis/Blessing