The local multi-family real estate services company that owns some properties but manages many more, recently purchased the 156-unit Bonterra Lakeside Apartments at 890 Quail Lake Cir. on the southwest side of town.
“One of our focuses this year has been to look for more opportunities to expand investments, especially in apartments because of record high occupancy rates,” said Matt Erstling, marketing director for Griffis/Blessing.
He said the company is negotiating to buy other properties and is preparing to close on one other apartment community, but he couldn’t offer details.
The Bonterra property, at $16.5 million, was priced right, Erstling said. And it leaves room for Griffis/Blessing to make improvements. The company plans to invest $3,000 to $5,000 per unit in new energy-efficient windows and sliding glass doors, low-flow toilets and other interior improvements.
Though it was built in 1973, the property had a partial remodel in 2007 and several selling points that made it an attractive investment, Erstling said.
It sits at the edge of South Lake, near mountains, trails and parks.
“We liked it because of all the opportunities for outdoor activities,” Erstling said.
He said the company also plans to expand the pool area and build a deck to connect the club house to the workout facility.
Already 94 percent occupied, the investments and property improvements will allow Griffis/Blessing to command higher rents. Throughout the city and state apartment occupancy rates and rents have risen.
“We think we can improve this property from current standard to make it one of the more premier properties in the city,” Erstling said.