Griffis Residential Acquires Remington West Apartments for $44.3 million

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The 264-unit acquisition brings the number of apartment units Griffis Residential owns and manages in Colorado, Nevada and Texas to 5,670

Griffis Westminster Center

Griffis Residential, a Denver-based multifamily investment and management firm, announced today that it has acquired the Remington West Apartments in Westminster, Colorado for $44.3 million. The 264-unit acquisition brings the number of apartment units that Griffis Residential owns and manages in Colorado, Nevada and Texas to 5,670.

Effective immediately, Remington West Apartments has been renamed Griffis Westminster Center to reflect the community’s proximity to the pending transformation of the former Westminster Mall into a vibrant, mixed-use urban downtown hub in the heart of Westminster. For community and leasing information please visit GriffisWestminsterCenter.com.

“Griffis Westminster Center holds tremendous promise within the Griffis Residential multifamily portfolio,” said Griffis Residential CEO David Birnbaum. “With close proximity to the emerging Bus Rapid Transit System and the Westminster Center redevelopment project, we believe the community will be in high demand among Westminster’s well-educated workforce for years to come. When these positive property attributes are combined with planned property improvements and our management initiatives, Griffis Westminster Center will be in a prime position to drive superior financial results over the long term.”

Built in 1996, Griffis Westminster Center is a Class-A apartment community in Westminster, Colorado located west of CO Interstate 25 on West 90th Avenue. With its convenient location near Denver’s Northwest Corridor along US Highway 36, Griffis Westminster Center is ideally situated among the highest concentration of software, computer, technology and photonics companies in the US. The garden-style property offers six floor plans, from one- to three-bedrooms, ranging in size from 672 to 1,180 square feet. The community offers high-end amenities including a clubhouse, business center, fitness center, media room, and a heated pool and spa amid an advantageous location in a park like setting.

About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and self manages more than 5,600 Class-A apartment units in Colorado, Nevada and Texas. With a property portfolio valued at approximately $850 million, Griffis Residential is the second largest institutional quality Class-A multifamily apartment owner 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 http://www.griffisresidential.com, or contact Griffis Residential Chairman, Ian Griffis (igriffis(at)griffisresidential.com); CEO, David Birnbaum (david(at)griffisresidential.com); or COO, Tom Barta (tbarta(at)griffisresidential.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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Laura Driscoll
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