Griffis Residential acquires 221-unit Class-A apartment community in Long Beach, CA
Denver, CO, August 30, 2017 — Griffis Residential has acquired City Place Apartments, a 221-unit Class-A multifamily community located in the Los Angeles metro area. City Place has been renamed Griffis Pine Avenue.
Built in 2004 on a 2.6-acre site, Griffis Pine Avenue offers studio, one-, and two-bedroom apartment homes averaging 861 square feet in one of the liveliest submarkets in Los Angeles. The community is situated in the six-block, 350,000 square foot shopping center known as “The Streets.” Formerly known as City Place Shopping Center, the pedestrian-oriented, open-air center is undergoing a $15 million staged redevelopment project aimed at upgrading building facades and modernizing retail suites.
In addition to more than 40 restaurants and over 3.7 million square feet of Class A office space within walking distance, Griffis Pine Avenue also suits a transit-oriented lifestyle. The 5th Street Blue Line station is located just two blocks away, which serves 80,000 riders per day. The Blue Line provides direct access to Downtown Los Angeles in less than an hour as well as Santa Monica via a connection with the Exposition Line.
For community and leasing information please visit the Griffis Pine Avenue website.
About Griffis Residential
Griffis Residential is a vertically integrated multifamily real estate investment firm that owns and manages nearly 8,000 Class-A apartment units valued at over $1.7 billion. Target markets include Denver, Seattle, Austin, Portland, Los Angeles, San Diego, and the San Francisco Bay Area. For more information visit GriffisResidential.com.
Certain statements in this press release may be “forward-looking statements” that are not based on historical facts and that reflect current views and estimates about future economic circumstances, market conditions and opportunities and the performance of portfolio investments. Such statements involve known and unknown risks and uncertainties, including the ability to implement our investment program that could cause the actual performance to materially differ from any anticipated or projected performance expressed or implied by such forward-looking statements. Griffis Residential cannot guarantee future performance and the company does not undertake any obligation to update or revise any such statements.