Griffis Residential acquires 288-unit Class-A apartment community in Aurora, Colorado for $40.8 million
Griffis Residential, a Denver-based multifamily investment and management company, today announced that it has acquired City Lights apartments, a 288-unit multifamily Class-A community located in Aurora, Colorado near the Fitzsimons Medical Campus. The $40.8 million acquisition of City Lights brings the number of Class-A multifamily units that Griffis Residential owns and manages to 5,178. The acquisition of City Lights follows on the heels of the company’s January 2014 acquisition of The Wellington apartments, a 332-unit community in Las Vegas.
“City Lights apartments presents a compelling opportunity to apply our time-tested multifamily property investment strategy,” said Griffis Residential CEO David Birnbaum. “We see a bright future for City Lights due to its proximity to the strong labor market within the Fitzsimons Medical Campus and easy access to DIA and downtown Denver via the expanding public transit system adjacent to the property. Bolstered by a waiting list at City Lights for premium apartment units, we also have a ripe opportunity to implement our targeted capital improvement program, which is one of the cornerstones of our overall investment strategy.”
The City Lights transaction was completed in a joint venture with PCCP, LLC, an integrated real estate finance and investment management firm. PCCP provides equity and debt capital for opportunistic middle-market real estate investments throughout the United States. The acquisition of City Lights marks the fifth transaction that Griffis Residential has completed in partnership with PCCP.
In tandem with the acquisition, the company announced that City Lights will be renamed Griffis Fitzsimons South. The name change conveys Griffis Residential’s persistent brand excellence, impeccable customer service, and its prime location near the Fitzsimons Medical Campus. Further, the property renaming highlights the exceptional resident experience that promotes an “It’s about you,” customer-centric culture.
Built in 2008, Griffis Fitzsimons South is a Class-A apartment community in Aurora, Colorado that is conveniently located adjacent to the future 2nd and Abilene Street light rail station and just 2.5 miles from the Fitzsimons Medical Campus. The community also benefits from close proximity to Denver International Airport, downtown Denver, and the I-70 industrial corridor. The garden-style property offers six floor plans, from one- to three-bedrooms, ranging in size from 637 to 1,439 square feet. The community also features high-end amenities including direct access garages and car ports as well as a clubhouse, business center, fitness center, heated pool and spas, and a conference room.
Effective immediately, Marliss Hall, who has been with Griffis Residential since 2007, has been appointed community manager for Griffis Fitzsimons South. Ms. Hall is responsible for day-to-day management of the community and fostering the Griffis Residential guest-centered culture, which places a top priority on delivering the highest quality guest experience in the multifamily apartment industry.
About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages more than 5,000 Class-A multifamily units along the Front Range of Colorado and Nevada. Since the beginning of 2012, Griffis Residential has completed nearly $300 million in apartment acquisitions and is the second largest owner / operator of Class-A apartments in Colorado. 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 www.griffisresidential.com, or contact Griffis Residential Chairman, Ian Griffis (firstname.lastname@example.org); CEO, David Birnbaum (email@example.com); or COO, Tom Barta (firstname.lastname@example.org).
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.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.