Local property management firm Griffis/Blessing purchased The Pines at Broadmoor Bluffs apartments today.
The community was built in 1987 and is comprised of 108 two- and three-bedroom apartments, averaging 1.107 square feet.
Improvement plans involve renovating the fitness center, adding a business center and cyber-cafe and expanding the pool deck, complemented with added amenities like a fire pit, cabanas and an outdoor kitchen and grill. The property has more than an acre of undeveloped land, and Griffis/Blessing plans to add a dog park or community garden.
“The Pines at Broadmoor Bluffs with its limited value-add opportunity is somewhat different than our typical investment,” says Gary Winegar, president of investment services for Griffis/Blessing. “However, the location is irreplaceable, and future development in the area is highly unlikely which will continue to drive its appeal to residents and the performance of the investment. The Pines at Broadmoor is simply great real estate.”
William J. Hybl Jr., president and COO of Griffis/Blessing said, “The Pines at Broadmoor Bluffs offers potential and current residents an environment that more closely resembles an exclusive resort than an apartment community.”
Pat Stanforth, senior vice president of multifamily services, will manage the community, while Sara Muise, property manager, will lead day-to-day operations.
The property was purchased for $20.3 million. ARA Newmark was the listing broker, and Steve Koeneke and David Link of Northmark arranged the Fannie Mae mortgage.