Griffis Residential, a Denver-based multifamily investment and management firm, announced today that it has sold Sagebrook Apartments (“Sagebrook”) located in northeast Colorado Springs, Colorado for $48.8 million. The sale price of the 314-unit Class-A community reflects an appreciation in value of $12.6 million from the acquisition price of $36.2 million in July of 2008. The Sagebrook transaction follows the sale of The Oasis Apartments (“Oasis”) in December 2014 for $40 million. The sale price of Oasis reflected an increase in value of $13.0 million over a nine-year holding period.
“Despite acquiring Sagebrook at the onset of the Great Recession in 2008, the property performed among the best in the Griffis Residential portfolio,” said Griffis Residential Chairman Ian Griffis. “We attribute the success of our Sagebrook and Oasis investments to our asset class specialization and intense focus on management service, which we believe helps drive superior financial results through the best and worst of market cycles.”
Griffis Residential’s recent disposition of 566 apartment units in Colorado Springs follows the combined acquisition of 710 units in Lafayette, CO and Austin, TX in November 2014. The company’s acquisition in the Austin metro area is part of a planned market expansion beyond the firm’s existing portfolio of premium multifamily communities located in Colorado and Nevada. Griffis Residential anticipates further unit increases throughout 2015 as the company continues to seek multifamily acquisitions in its target markets.
About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages more than 5,400 Class-A apartment units in Colorado, Nevada and Texas. With a property portfolio valued at approximately $800 million, Griffis Residential is the second largest institutional quality Class-A multifamily apartment owner 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).
Nothing presented herein is intended to constitute investment advice, and under no circumstances should any information provided herein be considered an offer to sell or a solicitation of an offer to buy any security. Information provided reflects Griffis Residential’s views as of a particular time. Such views are subject to change at any point and Griffis Residential shall not be obligated to provide notice of any change.
The transactions referenced herein do not represent all of the investments made or recommended by Griffis Residential, and it should not be assumed that any current or future investments will equal the performance of the transactions described herein. It should be specifically noted that not all transactions entered into by Griffis Residential will be profitable. No guarantee of investment performance is being provided and no inference to the contrary should be made. Past performance is not indicative of future results.
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.