News




6/17/2014

Griffis Residential renames Pinnacle at The Creek Apartments to Griffis Centennial Park
Renaming commemorates completion of extensive community improvements

Denver, CO – June 17, 2014 – Griffis Residential, a Denver-based multifamily investment and management company, has changed the name of Pinnacle at the Creek Apartments, located on South Parker Road in Centennial, Colorado, to Griffis Centennial Park. The renaming commemorates the completion of extensive capital improvements at the community including premium unit upgrades, a complete redesign of the community clubhouse and fitness center, fresh exterior paint, and a host of additional upgrades representative of Griffis Residential communities.

The Pinnacle at the Creek is the latest apartment community in the company’s portfolio to make a brand name change, signifying Griffis Residential’s continued growth and activity within the Colorado real estate market. Griffis Residential acquired the 216-unit, Class-A community in late 2012 and has since made approximately $1 million in capital improvements to bring the quality of the community in line with the rest of its approximate 5,000-unit portfolio.

“At Griffis Residential, we believe that high-impact improvements attract new residents and enhance the overall resident experience,” said Griffis Residential CEO, David Birnbaum. “As part of our capital improvement program, we repaint our communities in bold attractive colors to increase drive-by curb appeal as well as inject new life and vibrancy into the community. When we add meticulously maintained grounds, complete with contemporary styled clubhouses, fitness centers and premium apartment units, potential and existing residents alike get a sense our strong underlying commitment to creating the highest-quality customer experience. The name change from Pinnacle at the Creek to Griffis Centennial Park underscores the transformation of the property to a Griffis Residential class community,” Birnbaum concluded.

The community continues to be a perfect fit for Griffis Residential’s investment strategy with its prime location near major employment centers including Denver Tech Center and convenient access to Cherry Creek State Park, highly regarded schools, and both DIA and the Centennial Airport. For community and leasing information visit www.GriffisCentennialPark.com.

About Griffis Residential

Griffis Residential is a multifamily real estate investment company that owns and manages more than 5,000 Class-A multifamily units along the Front Range of Colorado and Nevada. Since the beginning of 2012, Griffis Residential has completed nearly $300 million in apartment acquisitions and is the second largest owner/operator of Class-A apartments in Colorado. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents. For more information visit www.griffisresidential.com, or contact Griffis Residential Chairman, Ian Griffis (igriffis@griffisresidential.com); CEO, David Birnbaum (david@griffisresidential.com); or COO, Tom Barta (tbarta@griffisresidential.com).

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5/1/2014

Griffis Residential acquires 288-unit Class-A
apartment community in Aurora, Colorado for $40.8 million


Denver, CO – May 1, 2014 – Griffis Residential, a Denver-based multifamily investment and management company, today announced that it has acquired City Lights apartments, a 288-unit multifamily Class-A community located in Aurora, Colorado near the Fitzsimons Medical Campus. The $40.8 million acquisition of City Lights brings the number of Class-A multifamily units that Griffis Residential owns and manages to 5,178. The acquisition of City Lights follows on the heels of the company’s January 2014 acquisition of The Wellington apartments, a 332-unit community in Las Vegas.

“City Lights apartments presents a compelling opportunity to apply our time-tested multifamily property investment strategy,” said Griffis Residential CEO David Birnbaum. “We see a bright future for City Lights due to its proximity to the strong labor market within the Fitzsimons Medical Campus and easy access to DIA and downtown Denver via the expanding public transit system adjacent to the property. Bolstered by a waiting list at City Lights for premium apartment units, we also have a ripe opportunity to implement our targeted capital improvement program, which is one of the cornerstones of our overall investment strategy.”

The City Lights transaction was completed in a joint venture with PCCP, LLC, an integrated real estate finance and investment management firm.  PCCP provides equity and debt capital for opportunistic middle-market real estate investments throughout the United States.  The acquisition of City Lights marks the fifth transaction that Griffis Residential has completed in partnership with PCCP.

In tandem with the acquisition, the company announced that City Lights will be renamed Griffis Fitzsimons South. The name change conveys Griffis Residential’s persistent brand excellence, impeccable customer service, and its prime location near the Fitzsimons Medical Campus. Further, the property renaming highlights the exceptional resident experience that promotes an “It’s about you,” customer-centric culture.

Built in 2008, Griffis Fitzsimons South is a Class-A apartment community in Aurora, Colorado that is conveniently located adjacent to the future 2nd and Abilene Street light rail station and just 2.5 miles from the Fitzsimons Medical Campus. The community also benefits from close proximity to Denver International Airport, downtown Denver, and the I-70 industrial corridor. The garden-style property offers six floor plans, from one- to three-bedrooms, ranging in size from 637 to 1,439 square feet. The community also features high-end amenities including direct access garages and car ports as well as a clubhouse, business center, fitness center, heated pool and spas, and a conference room.

Effective immediately, Marliss Hall, who has been with Griffis Residential since 2007, has been appointed community manager for Griffis Fitzsimons South. Ms. Hall is responsible for day-to-day management of the community and fostering the Griffis Residential guest-centered culture, which places a top priority on delivering the highest quality guest experience in the multifamily apartment industry.

About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages more than 5,000 Class-A multifamily units along the Front Range of Colorado and Nevada. Since the beginning of 2012, Griffis Residential has completed nearly $300 million in apartment acquisitions and is the second largest owner / operator of Class-A apartments in Colorado. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents. For more information visit www.griffisresidential.com, or contact Griffis Residential Chairman, Ian Griffis (igriffis@griffisresidential.com); CEO, David Birnbaum (david@griffisresidential.com); or COO, Tom Barta (tbarta@griffisresidential.com).

About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.  Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

Forward-Looking Statements
Certain statements in this press release may be “forward-looking statements” that are not based on historical facts and that reflect current views and estimates about future economic circumstances, market conditions and opportunities and the performance of portfolio investments. Such statements involve known and unknown risks and uncertainties, including the ability to implement our investment program, that could cause the actual performance to materially differ from any anticipated or projected performance expressed or implied by such forward-looking statements. Griffis Residential cannot guarantee future performance and the company does not undertake any obligation to update or revise any such statements.
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1/16/2014

Griffis Residential acquires 332-unit luxury apartment community
in west Las Vegas for $43.2 million

Denver, CO – January 16, 2014 – Griffis Residential, a Denver-based multifamily investment and management company, today announced that it has acquired The Wellington apartments, a 332-unit multifamily Class-A community located in the resurgent west Las Vegas submarket of Summerlin. The $43.2 million acquisition is the company’s second investment in the Las Vegas metro area, following the May 2013 purchase of the 310-unit Quest Apartments in the Henderson submarket. The Wellington property brings the number of Class-A multifamily units that Griffis Residential owns and manages to 4,890.

“This acquisition further diversifies our Class-A property portfolio and presents an excellent investment opportunity fueled by a continuing economic recovery in Las Vegas,” said Griffis Residential CEO David Birnbaum. “We expect multifamily fundamentals to continue to improve as a recovery in local tourism boosts hiring and household formations. Bolstered by this recovery, we are confident that the Griffis Residential investment strategy that has served us well in Colorado will translate into solid income and investment results over time for our Las Vegas properties as well.”

Built in 1998 and partially renovated in 2012 and 2013, The Wellington is a luxury apartment community located in the premier residential Summerlin/Lakes area of Las Vegas. The community benefits from excellent visibility and access to the I-215 beltway and is served by top-rated schools and convenient mixed-use development including the Shops at Summerlin slated for completion in 2014. The garden-style property offers five floor plans, from one- to three-bedrooms, ranging in size from 759 to 1,322 square feet. The community also boasts high-end amenities including a resort-style swimming pool and spa, a large clubhouse, tennis and basketball courts, and state of the art fitness and business centers. In addition to the recent renovations, post-acquisition capital improvements are planned to bring the property to the level of quality exemplified by Griffis Residential communities.

Effective immediately, Monique Wasson, who has been with Griffis Residential since 2009, has been appointed community manager for The Wellington. Ms. Wasson is responsible for day-to-day management of the community and fostering the Griffis Residential guest-centered culture, which places a top priority on delivering the highest quality guest experience in the luxury apartment industry.


About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages nearly 5,000 Class-A multifamily units in Nevada and along the Front Range of Colorado, including Denver and Colorado Springs. Since the beginning of 2012, Griffis Residential has completed more than $250 million in apartment acquisitions and is the second largest owner / operator of Class-A apartments in Colorado. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents. More information can be found at www.griffisresidential.com.

For information, please contact Ian Griffis (igriffis@griffisresidential.com), David Birnbaum (david@griffisresidential.com) or Tom Barta (tbarta@griffisresidential.com).

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4/25/2011

GRIFFIS GROUP sponsors $40,000 Griffis Apartment Funds Grand Prix at Colorado Horse Park in Parker, Colorado

8/21/2010

GRIFFIS GROUP Show Jumping Invitational Charity Event

10/5/2009

GRIFFIS GROUP sells West Cherry Creek for $5.8 million

7/10/2008

GRIFFIS GROUP sells Boulder Crescent for $2.4 million

7/1/2008

GRIFFIS GROUP buys Sagebrook for $36.2 million

1/25/2008

GRIFFIS GROUP launched its newest private equity real estate fund, Griffis Premium Apartment Fund, LLC, a $50 million fund targeting Class-A apartment communities, located primarily in Colorado

9/7/2007

GRIFFIS GROUP moves its corporate office from Colorado Springs to Denver