Transactions Report Week of 08.14.17
Griffis Residential Sells Griffis North Metro Apartments
Griffis Residential, a Denver-based multifamily investment and management firm, announced today that it has sold Griffis North Metro, a 562-unit, Class-A apartment community located in Northglenn, CO.
Under Griffis Residential ownership and management from June 2013 to August 11, 2017, the value of Griffis North Metro appreciated 54.5 percent. The Griffis North Metro sale comes on the heels of the disposition of Denver-based Gateway Park Apartments in late July. The total transaction value of both assets was approximately $200m.
“While we have enjoyed a good market during the hold period, nearly 20 percent of the value appreciation at Griffis North Metro was directly attributable to our value-creation initiatives,” said Co-CEO David Birnbaum. “Adding value in all market conditions is central to our investment strategy.”
Griffis Residential is actively acquiring multifamily assets in target markets including Denver, Seattle, Austin, Portland, Los Angeles, San Diego, and the San Francisco Bay Area. In the trailing 12 months, Griffis Residential has acquired four apartment communities in Denver, Seattle, and Austin, with a combined value of nearly $380m.
Inland Real Estate Acquisitions, Inc. Purchases Another Colorado Multifamily Property
Illinois-based Inland Real Estate Acquisitions, Inc. recently announced that it negotiated and helped close the purchase of Black Feather Apartment Homes, an 83-unit multifamily property located in Castle Rock, Colorado.
Senior Managing Director Andy Hellman and Executive Managing Director Justin Hunt of ARA, A Newmark Company, represented Colorado-based diversified commercial real estate company Resolute Investments, Inc. in the sale to Inland Real Estate Acquisitions
Located directly off I-25 in a major retail corridor of Castle Rock, the property was recently constructed in 2016 and features a mix of townhome, three-story walk-up apartments and owned condominium units. The transaction consisted of 48 two-bedroom, 32 three-bedroom and three four-bedroom apartments with 49 detached and 28 attached garages and 131 open parking spaces. Each unit at Black Feather Apartment Homes features nine-foot ceilings, stainless steel appliances, granite countertops and a full-size washer and dryer. The property also provides residents with access to a community swimming pool, clubhouse and barbecue areas.
“Black Feather Apartment Homes’ prime location places residents just a short drive from Denver or Colorado Springs and within close proximity to a variety of retail destinations,” said Tice. “Due to its high-end, condominium-quality finishes combined with convenient access to a major interstate, this property was an attractive acquisition opportunity and is an example of the type of multifamily properties we continue to seek out.”
As of August 1, 2017, the property was 96.4 percent occupied. This transaction marks Inland Real Estate Acquisitions, Inc.’s 15th multifamily acquisition in Colorado. To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including apartments, single-tenant properties, medical office buildings and retail properties.
Pinnacle Announces Sale of 15200 E Girard Avenue
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the Hancock Park office building located in Aurora. This class B office building was built in 1986 and sold for $3,200,000, ($81/SF). Robert Edwards and Tom Ethington of the Edwards Ethington team, represented the seller in the transaction. Scott Fetter of the Hornstein Fetter Apartment Group, represented the buyer.
“The local seller had a smart plan when we helped him purchase the four-story Aurora office building in 2015 for $2,650,000. It was to increase the occupancy and to sell the Verizon roof tower antenna income. The plan was accomplished in less than two years. The seller successfully increased the occupancy from 88 percent to 96 percent and Tom Ethington and I were able to quickly find, negotiate, and sell the tower income to Landmark Dividend a couple months after the 2015 closing,” stated Edwards. “The new owner from New York City has a plan as well. Their plan is to invest money in capital expenditures and to push the lease rates up to market. This was a win-win transaction for all parties, including the lender. The lender has pleased to re-issue their existing debt to the new buyer.”
Pinnacle Announces Sale of Pima Medical Institute Office Building
Pinnacle also announced the sale of 7475 Dakin Street located in Denver. The Pinnacle listing brokers closed the 63,357-square-foot asset at their list price of $6,950,000. This commercial property was built in 1974. The building is located on a 3.53 acre site, just off the interchange of Highway 36 and Pecos. Greg Titus and Peter Sengelmann, with the Johnson Ritter Team, co-listed and represented the Seller in the transaction.
“The Seller has owned the property since 2001, it has always provided strong cash flow during their ownership,” stated Sengelmann. “Given the large national credit tenant, which occupies roughly 75 percent of the building, this asset should provide the Buyer with strong and safe cash flow for near future.”