DENVER — Irvine, Calif.-based Greystar has purchased Griffis at Lowry, a multifamily property located at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. Denver-based Griffis Residential sold the asset for $45.7 million.
Built in 2011, Griffis at Lowry consists of eight rental buildings situated on 6.2 acres. Originally planned as a condominium development, the 150 units feature an average size of 1,130 square feet, in-unit full-size washers/dryers, at least nine-foot ceilings and attached garages in select floorplans. Approximately 40 percent of the units were renovated prior to the community’s sale. At the time of sale, occupancy was more than 97 percent.
The property is located within the redevelopment of the former Lowry Air Force Base, an 1,800-acre site that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million square feet of office space, 130,000 square feet of retail space and a 160-acre educational campus.
David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.