Local Investor Bags Southwest Denver Apartments For $62M
Griffis Residential acquired the 332-unit Monterey Apartments at 4601 S Balsam Way in southwest Denver for $62M. The seller was a local family operating as Monterey Fox LLC. Griffis owns a number of properties in metro Denver; in November, the company bought a Boulder complex now called Griffis 3100 Pearl for $136M, the Denver Business Journal reports.
The buyer, which has a penchant for renaming its acquisitions, has renamed Monterey Apartments as Griffis Marston Lake, after the nearby body of water. With the acquisition, the Greenwood-based Griffis Residential owns and manages over 8,000 apartment units in Colorado, Texas, Nevada and Washington. Additional target markets, according to the company, include Portland and the San Francisco metro area. [DBJ]