Freshwater Investments and Griffis/Blessing Purchase Savoy Luxury Apartments for $48 Million
Freshwater Investments expands to Kansas City market by partnering with Griffis/Blessing, Inc. to purchase Savoy Luxury Apartments in Overland Park, Kansas.
REDWOOD CITY, Calif., Nov. 10, 2020 /PRNewswire-PRWeb/ -- Freshwater Investments in partnership with Griffis/Blessing, Inc. finalized the acquisition of Savoy Luxury Apartments in Overland Park, KS on October 30th, 2020.
Built in 2002, Savoy Luxury Apartments consists of 254 apartment homes with five floor plans and an average unit size of 1,224 SF. The property is ideally positioned in Johnson County, traditionally one of the top-performing sub-markets in the region. It is within minutes of significant thoroughfares, easily accessible to many major employers, and close to award-winning Overland Park schools.
"Having witnessed massive exodus from the expensive coastal cities, we've been on a search mission to find expanding, vibrant and still affordable markets, and Greater Kansas City fits the bill, with Johnson County being one of the fastest growing counties in the country", said Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments. "I really enjoyed my visit to Overland Park, as it has this vibe of an upbeat, "happening" place. It's super energizing to enter the new market, and our investors responded with enthusiasm to this new multifamily investment opportunity. Savoy is our second acquisition in partnership with Griffis/Blessing, and we value immensely our long-standing relationship. As always, acquisition like this is a result of tremendous effort by many players, and I am grateful to everyone contributing to making it across the finish line".
"Our strategic plan consists of upgrading the unit interiors, including new fixtures and improved outdoor space livability and privacy. We plan to renovate the clubhouse and update the pool area to a resort style atmosphere", said William J. Hybl, Jr., President and COO of Griffis/Blessing.
The Newmark team of Mac Crowther and Whittaker Potts brokered the transaction.
Freshwater Investments, headquartered in Redwood City, California, is a private equity real estate investment firm creating opportunities for private and institutional investors to diversify portfolios and gain attractive returns through co-ownership of multifamily housing properties. For more information, visit http://www.freshwaterinvestments.com
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 seven million square feet of commercial space and more than 9,300 apartment units. The company has provided award-winning property management and real estate investment services since 1985. For more information, visit http://www.griffisblessing.com.
Media Contact
Alyona Doubrovina, Freshwater Investments, +1 6504745181, [email protected]
SOURCE Freshwater Investments
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