Griffis/Blessing Inc. finalized the purchase of the 240-unit property Dec. 3 with $22.5 million in financing from Freddie Mac and the remaining $8 million in investor equity, according to Chief Investment Officer Gary Winegar.
The property is located in one of the fastest growing areas in the city, adjacent to Copper Ridge at Northgate, which is anchored by Bass Pro Shops.
“We love the complex. We think it’s in a great location, and we think it will do well for our investors,” Winegar said in an interview with the Business Journal. “A lot of our equity we leverage with debt from Freddie Mac but a lot of our equity comes from investors l0oking for return on their investments, and we can provide that.”
Griffis/Blessing’s property services group plans to upgrade unit interiors throughout the complex, which Wingar said will include replacing floors, upgrading appliances, remodeling bathrooms and installing new light fixtures.
“The property was built in 2002, it’s in a great location, but they had not done anything to the interior of the units,” he said, adding that the company also plans to repaint the facade, replace the roof and update the property’s clubhouse, fitness center, theater room and pool area. “We’ll enhance those gathering areas where people like to spend time.”
Winegar said that the average size of an apartment at Ridgepointe is 891 sq. ft. and that the average cost is $900, which he anticipates will increase 6 percent annually. The complex’s current occupancy rate is around 95 percent.
“We believe in Colorado Springs,” Winegar said. “We think we have some margin here to increase and we think the market will give us some lift as well. It’s a good time to invest in multi-family.”
Ridgepoint at Gleneagle is located at 13631 Shepard Heights in northern Colorado Springs and features other amenities including a spa, business center and playground. The property will be managed by District Manager Stacey Kontry and on-site property manager Lori Herrera.