Ridgepointe at Gleneagle will get an upgrade after sale
Colorado Springs-based Griffis/Blessing Inc. led group that purchased complex for $30.3 million
It should come as absolutely no shock that the proximity of the Copper Ridge development was a key factor in the reason an investment group led by Colorado Springs real estate firm Griffis/Blessing Inc. recently purchased the Ridgepointe at Gleneagle Apartments.
“Absolutely,” said BJ Hybl, Griffis/Blessing’s President and COO. “We’re very excited to be up there. We’ve always liked that location and that location is really getting better with the road work and Bass Pro Shops and the businesses going in there.”
The purchase price for the 240-unit Ridgepointe was $30.3 million. It is located just northeast of Interstate 25 and North Gate Boulevard in unincorporated Gleneagle. Copper Ridge is about one-half mile south in North Gate.
Griffis/Blessing is the area’s largest locally based apartment manager with upwards of 5,000 units.
Ridgepointe was built in 2001 and has great view to the northwest and south, according to Hybl.
“We’re going to go back in with a lot more common area seating,” Hybl said.
Griffis/Blessing plans on spending $1 million in upgrades by the end of summer 2014. That is in addition to $500,000 in new roofs, according to Hybl.
The Ridgepointe complex’s amenities include a clubhouse, swimming pool, fitness center, spa, business center, theater and playground.
“We’re going to expand the pool with a cabana and fire pits and add a dog park,” Hybl said.
Hybl’s company plans to paint building exteriors and enhance the clubhouse, as well as “modernize units.”
“That will include flooring, countertops and lighting,” Hybl said.
The Ridgepointe property was previously owned by a Denver-based limited liability company.
Griffis/Blessing has been in business since 1985. It pulls together investors to purchase properties that are owned by limited liability companies. Griffis/Blessing doesn’t actually own any properties, but some of its partners do become investors.
Griffis/Blessing has over eight million square feet of multi-family, office, industrial, and retail buildings with a market value totalling more than $700 million.
In September 2012, Griffis/Blessing added to its portfolio with the $16.5 million purchase of the 156- unit Bonterra Lakeside apartments, located on the southwest side of Colorado Springs.
In addition to the purchase price, Griffis/Blessing also spent $3,000 to $5,000 per unit to upgrade apartment interiors, install energy efficient windows and sliding glass doors and add water saving toilets. The company expanded the pool area and constructed a deck between the apartment complex clubhouse and fitness center.