Big Deal In Denver Colorado Multifamily Apartment Market

Real estate investors looking for good deals in the multifamily residential / apartment real estate market in Denver have sign a new deal again. The georgeous Terracina Villas in Broomfield was purchased for $48.25 million by the Griffis Group LLC, a real estate investment and asset management firm based in Denver.

The villa purchase affords the Griffis Group a new apartment complex in one of Denver's most competitive market for rental properties. The Terracina Villas, at 13620 Via Varra Road, were built by Catalina Development Co which is based in Denver.

The Terracina Villas opened in 2009 with 300 apartments. About 76 more apartments will be added within a few months. The company noted that Broomfield subdivision area is one of the best rental apartment market in the metro Denver area. About 84 percent of the Terracina Villas is leased.

The purchase may be an indicator as the positive direction of the real estate market, as the Griffis Group is known for avoiding investing in apartment properties before vacancy rates have stabilized. One reason to be hopeful for Terracina’s prospects is the close proximity of the ConocoPhillps research center in Louisville.

The company is hoping to lure some tenants with high tech background - which means, money for rental fees. The research facility main entrance will be a stone’s throw from the apartment complex.

According to a survey conducted by the Division of Housing the third-quarter vacancy rate in the combined Boulder-Broomfield market was 3.5 percent, and the average rent was $993.

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