Griffis Residential enters Seattle metro market with purchase of Brookside Village Apartments
Griffis Residential, a Denver-based multifamily investment and management firm, announced today that it has acquired Brookside Village Apartments located south of Seattle in Auburn, Washington. The 177-unit Class-A multifamily community is the firm’s first acquisition in the Seattle metro area, following the June 2015 acquisition of Talavera Apartments in Austin, TX. With the Brookside Village acquisition, Griffis Residential currently owns and manages approximately 6,400 apartment units in Colorado, Texas, Nevada and Washington.
“Brookside Village is a well located asset in a dynamic submarket that is enjoying steady job growth,” said Griffis Residential Executive Chairman Ian Griffis. “The Seattle metro area is a ‘center of innovation’ with a robust, diversified economy that is generating above-average wage growth. We like the supply constraints in the Pacific Northwest apartment market and we are actively pursuing additional acquisitions as we work to expand our presence in the area.”
Effective immediately, Brookside Village Apartments has been renamed Griffis Seattle South at Brookside. For community and leasing information please visit GriffisSeattleSouth.com.
Built in 2003, Griffis Seattle South is a Class-A apartment community located 25 minutes south of downtown Seattle on a tranquil 17-acre site along a meandering stream and greenbelt with convenient access to I-5, Highway 99, and a host of high-quality Kent Valley employers. The garden-style property offers two- and three-bedroom apartments with nine-foot ceilings, ranging in size from 1,014 to 1,165 square feet. The gated community features high-end amenities including a clubhouse, pool and spa, fitness center, sport courts, carports and garages.
About Griffis Residential
Griffis Residential is a multifamily real estate investment company that owns and manages approximately 6,400 Class-A apartment units in Colorado, Nevada, Texas and Washington. 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. For more information, visit GriffisResidential.com.
Certain statements in this press release may be “forward-looking statements” that are not based on historical facts and that reflect current views and estimates about future economic circumstances, market conditions and opportunities and the performance of portfolio investments. Such statements involve known and unknown risks and uncertainties, including the ability to implement our investment program that could cause the actual performance to materially differ from any anticipated or projected performance expressed or implied by such forward-looking statements. Griffis Residential cannot guarantee future performance and the company does not undertake any obligation to update or revise any such statements.