THE Opportunity
Berkadia Institutional Solutions presents Griffis Westminster Center, a 264-unit apartment community built in 1996, located in Westminster, Colorado. The property benefits from proximity to over 32,000 employees within three miles and is ten minutes from Interlocken Business Park. The submarket is undersupplied, with only one recent completion and no current projects. Ownership has renovated 55% of the units, offering potential for further upgrades and significant revenue growth. Strategically located 15 minutes from both Boulder and Downtown Denver, residents have access to extensive retail options, including a new Trader Joe’s and the nearby Downtown Westminster development. With only 8.8% of the metro Denver’s apartment stock built in the 1990s, Griffis Westminster Center is a rare investment opportunity with strong growth potential.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Denver Office
1331 17th Street
10th Floor
Denver, CO 80202
Phone: 303.689.8312
Fax: 303.689.8352
Investment Advisors:
Mortgage Bankers:
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
Pam Koster
Senior Managing Director 303.689.8335 pamela.koster@berkadia.com
Mike Grippi
Senior Managing Director 303.689.8330 mike.grippi@berkadia.com
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6969 W 90th Ave | Westminster, CO
Limited New Construction No new communities within three miles in the last 18 months; only one nearing completion with move-ins expected in September 2024.
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Submarket Trends Strong fundamentals with a 3% rent increase in the first half of 2024 and 23% over the last 20 quarters; stabilized vacancy at 5.4%.
Discount to Boulder and Denver Rents at Griffis Westminster Center are $619 lower than Boulder and $192 lower than Downtown Denver for properties built since 1990.
Prominent Retail Nearby Over 2.5 million square feet of retail within three miles, including the Downtown Westminster development and a new Trader Joe’s.
High Cost of Homeownership Average home value in Westminster is $600,820, making renting at Griffis Westminster Center a 43% discount to monthly homeownership costs.
Proximity to Major Tech Employment Located along the US-36 “Creative Corridor,” within a 10-minute drive to nearly 12 million square feet of office space and equidistant from Boulder and Downtown Denver, providing access to major tech and science economies.
Mack Nelson
Senior Associate 303.689.8348 mack.nelson@berkadia.com
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LOCATION
6969 W 90th Ave | Westminster, CO
6969 W 90th Ave
Westminster, CO 80021
Jefferson
1996
Three (residential) & One (clubhouse)
264
Residential: 11
Garages: 4
Clubhouse: 1
252,648
957
428 Open Spaces
40 Covered Spaces
24 Detached Garages
1.86/unit
Address City, State Zip Code County Year Built Stories
Units Buildings
Gross Leasable Area
Average Home Size Parking
Parking Ratio
Proven Value-Add Opportunity 120 units remain to be renovated with average achieved rent premiums of $197/month on already renovated units.