Griffis Residential Acquires Apartment Homes in Austin, TX - Griffis at The Domain

Griffis Residential is pleased to announce that Griffis Premium Apartment Fund V (Fund V) has acquired IMT at The Domain (rebranded Griffis at The Domain.) The transaction is the fourth acquisition for Fund V.

• Units / Year of Construction: 755 / 2014
• Dynamic Location: A three-building, mid-rise asset in the center of northwest Austin’s Domain employment and lifestyle center. Close proximity to nearly 5.6 million square feet of tech-focused office space including Amazon, Facebook, VRBO, Apply, Google, and IBM.
• Opportunity: Good and improving location; discount to replacement cost; substantial rental headroom vs comparable communities; and upside through an enhanced resident environment, ancillary income initiatives, and more effective asset and property management.
• Attractive Financing: Fixed 2.77%, 7-year interest-only loan