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12/22/16
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A joint venture between PCCP LLC and Griffis Residential has acquired a 332-unit residential community in Littleton, CO known as Monterey Apartments. The joint venture is renovating the asset, located at 4601 S Balsam Way, and has rebranded the community as Griffis Marston Lake.
Built in 2003, the property is a garden-style community comprised of one‐, two‐, and three‐bedroom units within 18 two‐ and three‐ story buildings on 15.6 acres. The community amenities include a clubhouse with gym and business center; pool and spa; BBQ areas and a theater. The units feature in‐unit washer and dryer, walk‐in closets, balconies and decks.
The joint venture plans to renovate the clubhouse, fitness center, pool and spa, and upgrade the community landscaping. Unit interiors will be upgraded with vinyl plank floors in kitchens, living rooms and bathrooms, new kitchen cabinet faces, quartz countertops, and stainless steel appliances.
The property is located in Littleton, a suburb to the west of downtown Denver. The location provides access to major employment centers such as Lockheed Martin, the Denver Federal Center, the National Renewable Energy Lab, and St Anthony’s Hospital, as well as convenient access to downtown Denver and the Denver Tech Center. Retail amenities nearby include the Southwest Plaza Mall, Whole Foods, Trader Joes, King Soopers, Sprouts, REI, Costco, and Sam’s Club.
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