Griffis/Blessing buys 240-unit apartment complex

Local real estate firm Griffis/Blessing purchased the 240-unit Preserve at Hidden Creek apartment complex near Vickers and Rangewood drives for $25.1 million.

Griffis/Blessing purchased the property from The Praedium Group, based in New York City, and Hamilton Zanze, based in San Francisco. The two companies partnered to buy the property out of receivership in 2007, according to a press release.

The complex’s on-site management team was replaced, physical improvements have been made to the building and it occupancy rate is about 93 percent.

Apartment properties are in high demand over the last six months with several large sales and new building permits for multi-family dwellings.