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July 25, 2024
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Griffis Residential Spends $115 Mil on Colorado Multifamily Community


In an institutional multifamily investment deal out of Colorado, Griffis Residential acquired Peakview Apartments, a 304-unit community in Centennial, for $115 mil, or $378k/unit. The property was sold by Denver-based EverWest Real Estate Investors.

Peakview Apartments is located at 7700 E. Peakview Ave, just minutes from light rail, offering quick access to Denver’s central business district. Peakview sits just two blocks from the Arapahoe light rail station.

The property is situated within the amenity-rich Denver Tech Center, located 12 miles south of downtown Denver. The area includes more than 25 msf of office space, hotels, shopping, dining and entertainment venues, including the Fiddler’s Green Amphitheatre.

Peakview offers studio, one- and two-bedroom apartments with market-leading finishes and amenities, including a resort-style pool, rooftop deck, fitness center, bicycle storage and repair facilities. Parking is provided in a structured, controlled-access deck. The four-story development was completed in 2015 and since then has maintained strong occupancy.

“The success of this disposition reinforces that multifamily is still a very desirable product type for buyers in the Colorado market,” said Krystal Arceneaux, Executive Vice President and Head of Asset Management for EverWest. “As an active buyer and seller ourselves, EverWest will redeploy a portion of the proceeds from this sale into a soon-to-be-completed luxury apartment community in Denver.”

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