Griffis Residential Completes Acquisition of Washington D.C. Apartment Community

Griffis Residential, a leading owner and operator of apartment communities across several major U.S. metropolitan areas, has announced its expansion to the East Coast with the acquisition of Maizon, a 229-unit multifamily property in Bethesda, Maryland, now rebranded as Griffis Edgemoor.

Following its entry into the Dallas market in September 2024 with the acquisition of a 340-unit multifamily property, this latest investment demonstrates Griffis Residential’s continued strategic growth.

“This acquisition aligns with the fund’s strategy to generate durable cash flow by investing in multifamily assets with enduring value,” said, Jim DiRienzo, Senior Vice President of Investments at Griffis Residential. “Our focus is on acquiring properties in strong, improving locations that present an estimated discount to replacement cost and offer substantial management upside.” The Washington D.C. area is an attractive market for long-term investment due to its diversifying economy, abundance of high-quality jobs, and high barriers to entry.

The six-story property was acquired at a significant discount to the estimated replacement cost and offers key advantages aligned with Griffis Residential’s investment strategy, including enhanced asset management and superior customer service. Located in downtown Bethesda, the property provides direct access to the metro line and is surrounded by dining, entertainment, and top-rated schools.

Griffis Residential acquired the property through Griffis Residential Income Trust (GRIT), an open-end, perpetual life multifamily fund launched in 2020. This marks the eighth acquisition for GRIT, bringing the fund’s total portfolio to 1,895 units with a gross real estate asset value of $673.7 million. The purchase was supported by a 10-year, fixed-rate, interest-only financing structure, highlighting Griffis Residential’s commitment to strategic and sound financial planning.

Griffis Residential Income Trust remains open to new investors. For more information, please contact Client Services at 303.268.2121 or ClientServices@GriffisResidential.com.

Griffis Residential, based in Denver, CO, is a vertically integrated multifamily investment firm currently operating a $3.3b 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, Washington D.C., 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.