Griffis Fitzsimons South

Description

Since the founding of Griffis Residential, Mr. Birnbaum has worked with partners Ian Griffis and Tom Barta to create a vertically integrated real estate investment and management company and build a $650m multifamily portfolio. Leveraging his experience leading his previous company through the global financial crisis of 1998, Mr. Birnbaum successfully guided Griffis Residential through the Great Recession, during which time the Firm accounted for nearly 100% of the distressed Class-A multifamily investments executed in Denver.

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.

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“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.

Griffis Residential Service Team Associates are hardworking team players who genuinely care about delivering “It’s about you” customer service quality to our customers, residents, and guests. Qualified candidates will have proven experience maintaining efficient community operations, fulfilling service requests, and preparing make ready apartments. Maintenance of the Community’s apartment buildings, amenities, and grounds are daily work priorities.

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