California-based Greystar continues to grow locally with its purchase of the Griffis at Lowry apartment community.
Greystar paid $45.75 million, or $305,000 per unit, for the 150-unit community at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood.
“Buyers were attracted to Griffis at Lowry due to the condo-quality units and infill location within the highly successful Lowry redevelopment area,” said David Potarf of CBRE Capital Markets in Denver. Potarf, along with CBRE Capital Markets’ Dan Woodward, Matt Barnett and Jake Young, represented the seller, Griffis Residential.
The community, constructed in 2011, received a “ton” of interest – with 25 offers on the asset, added Potarf.
Greystar is expected to continue renovations to Griffis at Lowry, where the seller had renovated approximately 40% of the units prior to sale.
Griffis at Lowry, one of the few projects built after 2010 in Lowry, includes eight rental buildings on 6.24 acres and a mix of one-bedroom, one-bath; two-bedroom, one-bath; two-bedroom, two-bath; and three-bedroom, two-bath units.
Originally planned as a condominium development, Griffis at Lowry includes a large average unit size – 1,130 square feet – full-size in-unit washers and dryers, 9-foot-plus ceiling heights and attached garages in select units. Additional unit amenities include walk-in closets, granite countertops, a patio or balcony and ceiling fans.
Community amenities at Griffis at Lowry include a clubhouse, business center, 24-hour fitness center, resort-style pool, grilling and picnic area, bike storage, controlled access and mountain views.
At the time of the sale, Griffis at Lowry was more than 97% occupied.
Located within the redeveloped former Lowry Air Force Base, east of downtown Denver, the community is part of an 1,800-acre development that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million sf of office space, 130,000 sf of retail space and 160 acres of educational campus use.
“The landscape of east Denver has changed drastically in recent years through the master planned redevelopments at Stapleton, Fitzsimons and Lowry. This transformation means that Griffis at Lowry is now located in the center of an abundance of employment, retail, recreation and education drivers,” added Potarf.