Company News | August 15, 2017
Griffis North Metro Apartment Community Sold
Griffis Residential sells Griffis North Metro Apartments Denver, CO
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%. 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% 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.
About Griffis Residential
With approximately $1.7 billion in multifamily assets under management, Griffis Residential is a multifamily real estate investment company that owns and manages approximately 7,800 Class-A apartment units. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents. For more information, visit GriffisResidential.com.
Certain statements in this press release may be “forward-looking statements” that are not based on historical facts and that reflect current views and estimates about future economic circumstances, market conditions and opportunities and the performance of portfolio investments. Such statements involve known and unknown risks and uncertainties, including the ability to implement our investment program that could cause the actual performance to materially differ from any anticipated or projected performance expressed or implied by such forward-looking statements. Griffis Residential cannot guarantee future performance and the company does not undertake any obligation to update or revise any such statements.