Griffis Group acquires 296 units for $100.5M

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Denver County

Address: 2975 Huron St., Denver, “Union Station North”

Land Size: 2.47 acres

Improvements: Five-story, 296-unit apartment complex w/253,080 sf, YOC 2017*

Date of Recording: 12/15

Reception No.: 2017164456

Price: $100.5M, or $339,527 per unit, or $397.11 psf

Grantor: Edwards Prospect Park LLC, Jeffrey W. Edwards, mgr., 495 S. High St., Suite 150, Columbus, OH 43215

Grantee: 2975 Huron LLC, 6400 S. Fiddlers Green Circle, Suite 1200, Greenwood Village 80111, c/o Griffis Group of Colorado LLC, Ian C. Griffis, mgr.

Financing: $60.7M payable to Northmarq Capital Finance LLC

Comments: For site plans, see reception number 2013017361. There are 296 units including 34 studios, 163 one-bedroom units, 93 two-bedroom units and six three-bedroom units, plus 296 parking spaces & 95 compact spaces (including eight handicap spaces) in a 128,130-sf garage. There also are 53 surface parking spaces. The average rental rate is $1,850 per unit, or $2.16 per sf. *The certificate of occupancy was Jan. 11, and the occupancy rate is 78% as of the date of closing; this property is still in the lease-up phase. The ARA Denver apartment team brokered this sale.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or [email protected]

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