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Griffis/Blessing buys Broomfield apartments

Tue, Jan 8, 2013

News

Griffis/Blessing buys apartment complex in BroomfieldColorado Springs-based Griffis/Blessing, Inc. purchased  a 216-unit apartment complex in Broomfield in late December.

The complex, Willow Run Village Apartments, was built in 1999 and sits on 10.65 acres. It is a mix of 48 one-bedroom, 120 two-bedroom, and 48 three-bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, spa, dog park, sand volleyball court, and playground.

Griffis/Blessing plans to add value to the property by upgrading select unit interiors, updating the clubhouse fitness center and equipment, updating amenities to create a “resort” feel at the pool area—such as adding cabanas and a fire pit—and making exterior improvements to landscaping, the parking lot and completing other exterior deferred maintenance.

“Willow Run Village is the type of property that perfectly fits our historical strengths of adding value through a strategic capital improvement plan and our intense property and asset management style that pays attention to the important details of a successful investment,” Gary Winegar, Chief Investment Officer for Griffis/Blessing, said in a statement. “The property will provide immediate cash flow for our investors, which is what they are looking for in today’s investment environment, and we will get some revenue lift from increasing market rents in the Denver metro apartment market.”

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