Company News | June 20, 2019
Griffis Residential Acquires 240 Apartment Homes in Denver, Colorado
Griffis Residential is pleased to announce that Griffis Premium Apartment Fund V (Fund V) has acquired Talavera Apartments, a 240-unit Class-A multifamily community located in Denver's vibrant Cherry Creek neighborhood. The off-market transaction marks the first acquisition for Fund V, which is currently open to new investors.
Talavera has been renamed, Griffis Cherry Creek. Constructed in 2008, the property is well located in the affluent Cherry Creek residential district with a high walkability score and vibrant shopping scene featuring department stores, high-end fashion boutiques, and eclectic restaurants. The community also provides convenient commuter access to both the Denver Technology Center and the Downtown Denver Central Business District, the metro's two largest employment centers as well as easy access for bike commuters via the Cherry Creek bike trail.
The apartment homes at Griffis Cherry Creek, which were purchased at a 20%+ discount to replacement cost, are primed for interior upgrades that will position the asset favorably within its current competitive set, and at a rent discount to nearby new construction. Griffis Residential will also employ additional elements of its investment strategy including enhanced resident experience, ancillary income initiatives, and more effective asset and property management.
For community and leasing information, please visit the Griffis Cherry Creek website.