Freshwater Investments in partnership with Griffis/Blessing, Inc. finalized the acquisition of Lamplight Square at the Park Apartments in Colorado Springs on September 6th, 2017.
“Lamplight Square at The Park presents a well-located, value-add opportunity within the highly sought after northern submarket of Colorado Springs,” says William J. Hybl Jr., President and COO of Griffis/Blessing. “Due to its favorable location, market positioning and our management team’s focus on operations and capital improvements, Lamplight should prove a solid investment for our partners.”
Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments, states: “We have a long-standing relationship with Griffis/Blessing and rely on them to manage all of our Colorado properties. The Lamplight Square acquisition, however, has marked the beginning of a new level of partnership between our firms as we combined our resources to buy this property. This is certainly a milestone worth noting and celebrating by our investors as it puts Freshwater on a trajectory towards bigger and better acquisitions. High-potential properties like Lamplight are unique and rare, so adding it to our portfolio is huge, but we’re not resting on our laurels and are already seeking new opportunities for our investors. With Lamplight acquisition Freshwater portfolio market value has reached the $100 Million mark – another milestone we’re proud of.”
Built in 1984, Lamplight Square at The Park consists of 280 apartment homes with four floor plans and an average unit size of 723 square feet. Conveniently located next to Erindale Park with biking and walking trails, the property can boast unobstructed mountain views and immediate access to shopping, dining and recreation. Value-add improvements under the new ownership will include upgrading pool area to create the resort-like atmosphere, fitness center remodeling, interior updates with new appliances, fixtures and countertops, as well as replacing carpet with plank flooring.
Lamplight Square at The Park was purchased for $41.1 million. CB was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.
Freshwater Investments is a California based private equity real estate investment firm creating opportunities for private and institutional investors to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. For more information visit http://www.freshwaterinvestments.com
Griffis/Blessing, Inc., is the only Accredited Management Organization, AMO, headquartered in Colorado Springs, CO, with additional offices in Denver. Griffis/Blessing currently manages over four and a half million square feet of commercial space and more than 8,700 apartment units. For more information visit http://www.griffisblessing.com.