Griffis Residential Completes Acquisition of Dallas Apartment Community

Denver, Colorado – September 25, 2024 – Griffis Residential is pleased to announce the acquisition of Essence on Maple, a 340-unit multifamily property in Dallas, Texas, now rebranded as Griffis Oak Lawn.

David Birnbaum, Co-Chief Executive Officer of Griffis Residential, stated, “This property aligns perfectly with our strategy to acquire assets that offer long-term value and stable, recurring cash flow. We focus on markets with favorable economic and demographic trends. Dallas is a prime investment market, boasting nation-leading apartment demand, robust economic fundamentals, and a strong rental outlook.” While Griffis Residential has successfully divested six multifamily communities in the Austin market and currently operates three, Griffis Oak Lawn marks the company’s first expansion into Dallas.

The acquisition of this five-story community was completed at a significant discount to estimated replacement cost. The property offers key advantages that align with Griffis Residential’s investment strategy, including enhanced asset management and customer service. Located in the vibrant Oak Lawn area, the property provides direct access to the dynamic live-work-play neighborhoods of Oak Lawn, Uptown, and Turtle Creek.

Griffis Residential acquired this property through Griffis Residential Income Trust (GRIT), an open-end, perpetual life multifamily fund launched in 2020. This marks the seventh acquisition for GRIT, bringing the total portfolio to 1,666 units with a gross real estate asset value of $558.4 million. The purchase was supported by a 10-year, fixed-rate, interest-only financing structure, underscoring Griffis Residential’s commitment to strategic and sound financial planning.

Griffis Residential Income Trust remains open to new investors. For more information, please visit www.griffisinvestments.com.

About Griffis Residential
Griffis Residential, based in Denver, Colorado, is a vertically integrated multifamily investment firm currently operating a $3.2b portfolio of institutional-quality apartment communities in high-growth innovation hubs. The Griffis Residential management platform includes approximately 275 apartment professionals located in Austin, Denver, Portland, San Diego, Seattle, Silicon Valley, Dallas, and Los Angeles. Built on over 35 years of multifamily investment experience, Griffis Residential has established a leading reputation for its all-weather investment strategy and strong track record of value creation through multiple market cycles. For more information visit GriffisResidential.com.