Sunday, October 17, 2021

Griffis Lodo pays $229M for apartment complexes in Cheesman Park

Greenwood Village-based multifamily firm Griffis Residential last week bought two apartment complexes in Lodo and Cheesman Park, for a total cost of about $229 million.

On September 24, an entity affiliated with the company purchased the 10-story Verve complex at 1490 Delgany St. for $138 million, according to public records.

On the same day, another Griffis associate purchased the Amaranth complex at 2190 E. 11th Avenue for $90.53 million, records show.

According to the company’s website, the name of the Verve has been changed to Griffis Lodo. And the name of amaranth has been changed to Griffis Cheesman Park.

The Verve Complex has 285 units, making the latest deal about $484,000 per unit, not factoring in the retail space of the building leased to fitness studio Transform Colorado.

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The complex was sold by Dallas-based Invesco Real Estate, which bought it in 2014 for $94.75 million, records show. The complex was developed by Amstar and the Opus Group and completed that year.

Meanwhile, Amaranth was sold by Denver-based MGL Partners, which completed the seven-story project in 2015. The company’s website refers to it as a $44 million project.

According to MGL’s website, Amarnath has 156 units, which makes the deal around $580,000 per unit.

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