Griffis Residential Launches Fund VII with Acquisition of 263-Unit West Palm Beach Community

Griffis Residential, a leading owner and operator of apartment communities across several major U.S. metropolitan areas, has launched its Griffis Premium Apartment Fund VII (“Fund VII”) with the acquisition of Griffis North Olive (formerly Loftin Place), a 263-unit apartment community in West Palm Beach, Florida. 

• Units / Year of Construction: 263 / 2016
• Dynamic Location:  Located in the improving NORA District with momentum from “Wall Street South.”
• Opportunity: Type 1 concrete/steel mid-rise building trading at a 25% discount to estimated replacement cost, offering demonstrable below-market rents, management upside, and premium interior unit renovation opportunities.
• Financing: 10-year, fixed-rate, interest-only

Fund VII is targeting $550 million in commitments and will pursue the same successful strategy as Griffis Residential’s previous funds, targeting underperforming Class-A apartment communities in markets with strong demographic and economic fundamentals. Griffis Residential currently owns and manages nearly 10,000 units in 31 communities spanning 13 geographically diverse markets nationwide.

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.