Griffis pays $229M for apartment complexes in LoDo, Cheesman Park

Verve, an apartment complex at 1490 Delgany St., sold for $138 million on Sept. 24. (Thomas Gounley photo)

Greenwood Village-based multifamily firm Griffis Residential purchased two apartment complexes in LoDo and Cheesman Park last week, spending about $229 million total.

On Sept. 24, an entity affiliated with the company purchased the 10-story Verve complex at 1490 Delgany St. for $138 million, according to public records.

That same day, another Griffis affiliate purchased the Amaranth complex at 2190 E. 11th Ave for $90.53 million, records show.

Verve has since been renamed Griffis LoDo, according to the company’s website. And Amaranth has been renamed Griffis Cheesman Park.

The Verve complex has 285 units, which makes the latest deal worth about $484,000 a unit, not factoring in the building’s retail space leased to fitness studio Transform Colorado.

The complex was sold by Dallas-based Invesco Real Estate, which purchased it in 2014 for $94.75 million, records show. The complex was developed by Amstar and Opus Group and completed that year.

Amaranth, meanwhile, was sold by Denver-based MGL Partners, which completed the seven-story project in 2015. The company’s website refers to it as a $44 million project.

Amaranth has 156 units, according to MGL’s website, which makes the deal worth about $580,000 a unit.

Verve, an apartment complex at 1490 Delgany St., sold for $138…

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