Griffis/Blessing Inc. purchased Colonnade Apartments in Aurora recently for $16.25 million and took ownership today, Oct. 30, after managing the community for its previous owner since January.
CBRE was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.
Built in 1984, the 138-unit garden-style community consists of one- and two-bedroom floor plans, averaging 840 square feet in size. Community amenities include indoor and outdoor swimming pools, a fitness center, a clubhouse, a sports court and a barbecue area.
Griffis/Blessing will upgrade apartment interiors in all units to increase the community’s competitiveness in the market. The new owner will also renovate the clubhouse, the fitness and business centers and enhance the pool area with a deck expansion and new furnishings.
“Colonnade is the type of property that perfectly fits within our historical strengths of adding value through a calculated capital improvement plan and our property and asset management style that pays attention to the important details of a successful investment,” says Gary Winegar, president of Investment Services for Griffis/Blessing. “The opportunity to continue what we have started and grow the property into what we envision will benefit both our investors and its residents.”
“We have a substantial track record of improving operations and controlling costs, while synchronously enhancing the experience for residents. We have a top-notch general contractor on staff who has been with us for over 25 years and will oversee our capital improvement process,” said William J. Hybl, Jr., president and COO of Griffis/Blessing.
The property will be managed by District Manager Kenny Newell, with day-to-day operations overseen by Property Manager Desiree Martinez.
Headquartered in Colorado Springs with additional offices in Denver and Boise, Idaho, Griffis/Blessing Inc., currently manages more than 4 million square feet of commercial space and more than 8,500 apartment units.