A sought-after active senior living community in the heart of downtown Golden sold for $18.75 million.
Griffis/Blessing Inc. paid $416,667 per unit for Clear Creek Commons, a 45-unit community at 1027 Washington Ave. The 55-plus, active senior living community was sold by The Wolff Cos. of Scottsdale, Arizona.
“Griffis/Blessing buying Clear Creek Commons shows that conventional investors will buy affordable and senior real estate when the real estate is that attractive,” CBRE’s David Potarf said of the property, which saw double-digit offers. “It is as good a location as you can get in Golden. It’s on main street, adjacent to the river. It’s just a dynamite location and will be a great location forever.”
“Due to its favorable location in Golden, one of the top 10 places to retire in Colorado, the market positioning and our management team’s focus on operations and capital improvements, we believe Clear Creek Commons will be a solid investment,” agreed Gary Winegar, president of investment services of Griffis/ Blessing. “This community is perfectly positioned for our proven value-add strategies. Our plan is to upgrade unit interiors, as they haven’t had any substantial upgrades in over 15 years. These high-end level renovations will include new fixtures, new appliances, upgraded countertops and carpet replacement, along with the installation of plank flooring in some units.”
At the time of sale, Clear Creek Commons was 100% occupied with a waiting list, added Potarf. Potarf and CBRE’s Dan Woodward, Matthew Barnett and Jake Young represented the seller. CBRE also arranged financing for the acquisition.
Constructed in 2003, the four-story, resort-style development features one- and two-bedroom apartments that average 821 square feet. Each apartment includes a washer and dryer, “spacious” closets and secure, off-street parking. Select apartments feature a private balcony or patio and a wood-burning fireplace.
Community amenities at Clear Creek Commons include a gourmet entertainment kitchen and dining room, a cardio/fitness center, media room and business center, a community gardening space, scheduled transportation, concierge services and biweekly housekeeping. The community also is home to Sassafras restaurant and has direct access to Clear Creek hiking trails and Parfet Park.
“The acquisition allows us the opportunity to continue to position ourselves as a leader in owner-operated property management in Colorado and to expand into an area of the state we haven’t reached previously,” said William J. Hybl Jr., president and chief operating officer of Griffis/Blessing. “We have a substantial track record of improving operations and controlling costs while simultaneously enhancing the experience for residents.”
Griffis/Blessing currently manages more than 5 million sf of commercial space and more than 7,200 apartment units.
