COLORADO SPRINGS, CO – Griffis/Blessing, Inc. closed on Aberdeen Apartments and Alvadora Apartments in Lawrence, KS, on August 19th for $46.65 million.
“The Aberdeen and Alvadora apartment communities mark our third and fourth investments in the greater Kansas City metropolitan area, a target market in which we have full confidence and are realizing operating economies of scale for these investments,” said Gary Winegar, President of Investment Services of Griffis/Blessing. “The Lawrence Portfolio is in West Lawrence, a vibrant, modern western submarket of the city. With the advantages of proximity to the University of Kansas and the lively community of downtown Lawrence, the portfolio’s premier location is a favored choice for renters.”
Aberdeen is a class B+ community built in two phases on non-contiguous parcels known as Aberdeen North and Aberdeen South. All units feature fully-equipped kitchens and washer/dryers, while many units enjoy private patios or balconies and vaulted ceilings. Community amenities include a new 24/7 Amazon Hub for package deliveries, 24-hour access to a cardio and strength fitness center, a dog park, and an outdoor resident lounge with a barbeque grilling area and fire pit.
Alvadora is a class A community proximate to the rapidly growing West Lawrence retail corridor, the Lawrence Indoor Aquatic Center and the Sports Pavilion. Unit amenities include fully-equipped kitchens with glass-top ranges and designer cabinetry, washer/dryers, 9-foot ceilings and in-home, resident storage. Detached garages are available for rent. The clubhouse features a 24/7 business center and cardio fitness center, while outdoor amenities include a resident lounge area, barbeque grills and a fire pit.
“The value-add potential of the portfolio plays into our operating expertise,” said William J. Hybl, Jr., President and COO of Griffis/Blessing. “Our strategic plan consists of renovating the unit interiors, including new appliances, countertops, flooring and fixtures. We plan to renovate the clubhouses modestly to include a more contemporary feel while outdoor recreational spaces will be optimized to the resident demographics.”
The Northmarq team of Jeff Lamott and Gabe Tovar brokered the transaction.
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 five million square feet of commercial space and more than 10,500 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit www.griffisblessing.com