BETHESDA, Md., Oct. 19, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it completed the
$134,000,000 sale of
Griffis Marston Lake, a 332-unit suburban multifamily
community located in Littleton,
Colorado. The property is positioned for strong long-term
performance, due to its renovation program, significant potential
for rent growth, and a lack of new construction in the area.
Walker & Dunlop's Dan
Woodward, David Potarf,
Matt Barnett, and Jake Young brokered the sale on behalf of
their longtime client, Denver-based Griffis Residential, along with
their partner, Pacific Coast Capital Partners. In parallel with the
sale of the property, Walker & Dunlop's Trevor Fase arranged fixed rate,
interest-only financing through Fannie Mae on behalf of the buyer,
Kennedy Wilson.
Mr. Barnett commented, "Griffis Marston
Lake represented an ideal garden-style, value-add
opportunity, on the desirable west side of Denver. Our team's deep relationships with
clients brought unprecedented interest to the property throughout
the marketing process." He continued, "We conducted over 30 tours
and – through an extremely competitive bidding process – ultimately
found the right buyer in Kennedy
Wilson. Walker & Dunlop's financing capabilities
also provided a seamless execution for the buyer and seller."
Built in 2002 on the western edge of Denver, Griffis
Marston Lake is an institutional-quality property offering
residents convenient access to Red
Rocks, downtown Littleton,
and major employers in the area including the Swedish Medical
Center, Denver Federal Center, and Lockheed Martin. The community
appeals to the post-COVID renter demand for a low-density suburban
location with larger units, while remaining close to metropolitan
amenities. Downtown Denver and the
Denver Tech Center are within a 30-minute drive, and the nearby
Highway 285 and Interstate-70 enable easy access to the Rocky
Mountains.
Walker & Dunlop is a leader in multifamily property sales,
having completed $4.7 billion in
property sales volume in the first half of 2021, a 117% increase
over the same period in 2020. The firm was also the top provider of
capital to the U.S. multifamily market, originating $31 billion in transactions and lending over
$24 billion for multifamily
properties in 2020. For information about Walker & Dunlop's
view on the apartment market, listen to our Driven by Insight
podcast.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is the largest provider of capital to the
multifamily industry in the United
States and the fourth largest lender on all commercial real
estate including industrial, office, retail, and hospitality.
Walker & Dunlop enables real estate owners and operators to
bring their visions of communities — where Americans live, work,
shop and play — to life. The power of our people, premier brand,
and industry-leading technology make us more insightful and
valuable to our clients, providing an unmatched experience every
step of the way. With over 1,000 employees across every major U.S.
market, Walker & Dunlop has consistently been named one
of Fortune's Great Places to Work® and
is committed to making the commercial real estate industry
more inclusive and diverse while creating meaningful
social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.