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Irvine, California-based Greystar has acquired Griffis at Lowry, a 150-unit apartment complex, for $45.75M from Griffis Residential.
Griffis at Lowry has a total of eight buildings on 6.24 acres at 9649 East Fifth Ave. in Denver’s Lowry neighborhood. Because the community was originally planned as a condominium project, the units are larger, averaging 1,130 SF, and have full-size washers and dryers, nine-foot ceilings and attached garages in some floor plans.
The Denver-based seller renovated about 40% of the units before it sold the property, which was 97% occupied at the time of the sale. CBRE represented Griffis Residential in the transaction.
Griffis at Lowry is located in the redevelopment of the former Lowry Air Force Base. The 1,800-acre site has about 500 acres dedicated to residences, more than 800 acres of recreational and open space, 1.8M SF of office space, 130K SF of retail space and 160 acres of educational campus.
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