Company News | March 30, 2023
New Fund VI Acquisition - Griffis South Bay – Milpitas, CA
Griffis Residential is pleased to announce that Griffis Premium Apartment Fund VI (Fund VI) has acquired Cerano Apartments (rebranded Griffis South Bay). The transaction is the second acquisition for Fund VI.
- Units / Year of Construction: 373 / 2013
- Dynamic Location: This suburban location is conveniently located in the heart of Silicon Valley, close to Milpitas Light Rail Station, Highway 237 and I-880, and is close to major employees while also being perfectly situated to a diverse mix of shops, restaurants, trails, parks, and within the well-regarded Milpitas Unified School District.
- Opportunity: High-quality, wrap construction trading at a 34% 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
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 $3.3b 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, 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
|Nothing presented herein is intended to constitute investment advice, and under no circumstances should any information provided herein be used or considered as an offer to sell or a solicitation of an offer to buy an interest in any investment fund managed by Griffis Residential. Offers and sales will be made only pursuant to a confidential private placement memorandum (the “Memorandum”), which describes the terms and risks of an investment. The Memorandum, including the risk factors and potential conflicts of interest described therein, and other governing documents should be read in their entirety and carefully prior to investment. The information contained herein is qualified in its entirety by reference to such Memorandum.
Information provided reflects Griffis Residential’s views as of a particular time. Such views are subject to change at any point and Griffis Residential shall not be obligated to provide notice of any change. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. While Griffis Residential has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability, or completeness of third-party information presented herein.