Griffis Residential closes $407 million private real estate investment fund
Griffis Residential is pleased to announce the final closing of its fourth private equity real estate investment fund, Griffis Premium Apartment Fund IV (“Fund IV”), with $407 million in capital for investment in high-quality apartments. To date, Fund IV has acquired four apartment communities comprising 1,475 units in the Austin, Seattle, Denver and Los Angeles metro areas. Fund IV is targeting approximately $1.0 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon, and California.
The successful completion of Fund IV was made possible by the ongoing support of many long-standing investors, some of whom have invested with Griffis for over 30 years. “We are pleased to have our first discretionary commitments from institutional investors which include prominent endowments and pension funds,” said Ian Griffis, Chairman and Co-CEO.
Fund IV will pursue the same investment strategy as its predecessor funds, acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain 200+ units, and have a total project cost ranging from $50m – $150+ million. Acquisitions in Fund IV are focused on markets benefiting from above average wage growth and demographics that favor the apartment industry.
“We are highly selective with regard to the transactions we pursue and are pleased with a robust apartment pipeline that continues to provide opportunities to generate a healthy near-term yield with additional upside through the Griffis Residential value-add formula,” said David Birnbaum, Co-CEO.