Griffis Residential Acquires 332-unit Luxury Apartment Community in West Las Vegas for $43.2 million

DENVER, Jan. 16, 2014 /PRNewswire/ -- Griffis Residential, a Denver-based multifamily investment and management company, today announced that it has acquired The Wellington apartments, a 332-unit multifamily Class-A community located in the resurgent west Las Vegas submarket of Summerlin. The $43.2 million acquisition is the company's second investment in the Las Vegas metro area, following the May 2013 purchase of the 310-unit Quest Apartments in the Henderson submarket. The Wellington property brings the number of Class-A multifamily units that Griffis Residential owns and manages to 4,890.

"This acquisition further diversifies our Class-A property portfolio and presents an excellent investment opportunity fueled by a continuing economic recovery in Las Vegas," said Griffis Residential CEO David Birnbaum. "We expect multifamily fundamentals to continue to improve as a recovery in local tourism boosts hiring and household formations. Bolstered by this recovery, we are confident that the Griffis Residential investment strategy that has served us well in Colorado will translate into solid income and investment results over time for our Las Vegas properties as well."

Built in 1998 and partially renovated in 2012 and 2013, The Wellington is a luxury apartment community located in the premier residential Summerlin/Lakes area of Las Vegas. The community benefits from excellent visibility and access to the I-215 beltway and is served by top-rated schools and convenient mixed-use development including the Shops at Summerlin slated for completion in 2014. The garden-style property offers five floor plans, from one- to three-bedrooms, ranging in size from 759 to 1,322 square feet. The community also boasts high-end amenities including a resort-style swimming pool and spa, a large clubhouse, tennis and basketball courts, and state of the art fitness and business centers. In addition to the recent renovations, post-acquisition capital improvements are planned to bring the property to the level of quality exemplified by Griffis Residential communities.

Effective immediately, Monique Wasson, who has been with Griffis Residential since 2009, has been appointed community manager for The Wellington. Ms. Wasson is responsible for day-to-day management of the community and fostering the Griffis Residential guest-centered culture, which places a top priority on delivering the highest quality guest experience in the luxury apartment industry.

About Griffis Residential

Griffis Residential is a multifamily real estate investment company that owns and manages nearly 5,000 Class-A multifamily units in Nevada and along the Front Range of Colorado, including Denver and Colorado Springs. Since the beginning of 2012, Griffis Residential has completed more than $250 million in apartment acquisitions and is the second largest owner / operator of Class-A apartments 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. More information can be found at www.griffisresidential.com.

SOURCE Griffis Residential