Real Estate & Construction  November 20, 2014

Major Lafayette apartment complex sells for $39.9 million

LAFAYETTE – Denver-based Griffis Group Residential LLC announced Wednesday that it has purchased the Strathmore Park Apartments in Lafayette for $39.9 million.

San Diego-based Fairfield Residential, the previous owner, had purchased the 208-unit complex in 2006 for $21.3 million.

Griffis Residential will rename the complex Griffis Lafayette Station.

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Built in 1999, Griffis Lafayette Station is at 440 Strathmore Lane, just off of S. Public Road. The complex features one, two and three-bedroom apartments ranging from 701 to 1,359 square feet. There is also a clubhouse, business center, fitness center, heated pool, laundry center and detached garages along with a private park.

Griffis Residential intends to make $3 million in upgrades, according to a press release. The company owns and manages 5,146 multifamily units in Colorado and Nevada, with a portfolio worth more than $750 million.

“Amid Denver’s falling vacancy rates, we anticipate apartment unit absorption to remain above long-term historic averages into the forseeable future,” Griffis Residential CEO David Birnbaum said in a statement. “These positive market forces will keep the pursuit of investment opportunities within the Denver metro area on our radar for some time to come.”

LAFAYETTE – Denver-based Griffis Group Residential LLC announced Wednesday that it has purchased the Strathmore Park Apartments in Lafayette for $39.9 million.

San Diego-based Fairfield Residential, the previous owner, had purchased the 208-unit complex in 2006 for $21.3 million.

Griffis Residential will rename the complex Griffis Lafayette Station.

Built in 1999, Griffis Lafayette Station is at 440 Strathmore Lane, just off of S. Public Road. The complex features one, two and three-bedroom apartments ranging from 701 to 1,359 square feet. There is also a clubhouse, business center, fitness center, heated pool, laundry center and detached garages along with a private park.

Griffis Residential intends…

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