Griffis Residential Gets $48.8M for M-F Community in Colorado Springs

Denver-based Griffis Residential recently announced the sale of Sagebrook Apartments, a 314-unit Class A residential community in northeast Colorado Springs.

Sagebrook Apartments

Denver-based Griffis Residential recently announced the sale of Sagebrook Apartments, a 314-unit Class A residential community in northeast Colorado Springs. According to a news release, the asset sold to an undisclosed buyer for $48.8 million. Griffis purchased the property in July 2008 for $36.2 million.

Located at 2555 Raymond View in Colorado Springs, the Sagebrook community consists of 314 one-, two-, and three-bedroom apartments featuring modern-day amenities such as energy-efficient central heating and cooling, gourmet kitchen, washer and dryer, private patios or terraces, as well as private garages. Community amenities include a state-of-the-art, 24-hour fitness center, swimming pool, sunning deck, all-season spa, outdoor picnic and BBQ area, business center, gourmet coffee bar and a clubroom.

Residents of Sagebrook Apartments benefit from a convenient location that offers easy access to the I-25, the Shops at Briargate, Briargate Business Park, the Air Force Academy, Memorial Hospital North, InterQuest Business Park and the Penrose St. Francis Medical Center.

Griffis Residential is the second largest institutional-quality Class A multifamily owner in Colorado. Recent transactions in the area include the sale of The Oasis Apartments in December 2014 for $40 million, and the purchase of Strathmore Apartments for $39.9 million.

Image courtesy of Griffis Residential

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