Griffis Residential Completes Sale of Griffis SoCo Austin and Acquires Griffis Pompano Beach in South Florida

Denver, CO – Griffis Residential, a leading owner and operator of apartment communities across major U.S. metropolitan areas, is pleased to announce that Griffis Residential Income Trust (“GRIT”), an evergreen, perpetual-life fund, has sold Griffis SoCo Austin, in Austin, Texas, and acquired Saba, a 144-unit community in Southeast Florida, now rebranded as Griffis Pompano Beach.

The strategic disposition and acquisition further strengthen GRIT’s portfolio positioning and support its long-term investment objectives while delivering a significant upgrade in asset quality by exchanging Griffis SoCo Austin (constructed in 2000) for Griffis Pompano Beach, a newer Type 1 concrete construction asset built in 2019.  John Finch, Vice President of Investments, said, “We are pleased to complete these transactions. While Austin remains a compelling long-term market, we are proud of the value creation achieved at Griffis SoCo Austin. This acquisition-our second purchase in South Florida in the past seven months-aligns with our investment strategy and reinforces our commitment to acquiring high-quality communities in markets with strong fundamentals.”

With this transaction, GRIT owns a seven-property portfolio with assets in Denver (three properties), Dallas, Bethesda, MD, West Palm Beach, and Pompano Beach. Griffis Residential currently owns and manages 9,600 units with approximately $3.6 billion in assets under management across 13 markets.

If you are interested in learning about upcoming investment opportunities, please contact Client Services at 303.268.2121 or ClientServices@GriffisResidential.com.

About Griffis Residential

Griffis Residential, based in Denver, CO, is a vertically integrated multifamily investment firm currently operating a $3.6b portfolio of institutional-quality apartment communities in high-growth innovation hubs. The Griffis Residential management platform includes ~300 apartment professionals located in Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, MD, Pompano Beach, and West Palm Beach. Built on 40 years of its founders’ 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.