Griffis/Blessing acquires The Pines at Broadmoor Bluffs Apartments
The property was purchased for $20.3 million
Griffis/Blessing, Inc., has completed the acquisition of The Pines at Broadmoor Bluffs Apartments in Colorado Springs. The community, located in the esteemed Broadmoor neighborhood, was built in 1987 and is comprised of 108, two- and three-bedroom apartments, averaging 1,107 square feet. Shared amenities include a swimming pool and spa, a clubhouse with WiFi, a fitness center and private garages for each apartment home.
The Pines at Broadmoor Bluffs is perfectly positioned as a light value-add opportunity with amenity upgrade potential. Improvement plans will entail renovating the fitness center, adding a business center and cyber-café, and expanding the pool deck complemented with added amenities, such as a fire pit, cabanas and an outdoor kitchen/grill. With over an acre of underdeveloped land on a portion of the property, a dog park, community garden or other resident-friendly space is also proposed.
Pat Stanforth, CPM®, Senior Vice President of Multifamily Services, will manage the community, while Sara Muise, Property Manager, will lead day-to-day operations.
The property was purchased for $20.3 million. ARA Newmark was the listing broker, and Steve Koeneke and David Link of Northmark arranged the Fannie Mae mortgage.
Headquartered in Colorado Springs with additional offices in Denver and Boise, Griffis/Blessing, Inc., currently manages over four million square feet of commercial space and more than 8,500 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com.