Griffin Capital Begins Construction on Multifamily OZ Fund Community in Richmond
Private real estate investment manager Griffin Capital Company LLC broke ground on 2700 Leigh, a 388-unit multifamily development in Richmond, Va. The project is a joint venture with Greystar Real Estate Partners, a privately held national real estate developer.
The four-story, garden-style apartment community will be situated within Scott’s Addition and near The Diamond District, two of the city’s booming neighborhoods.
The community will feature a range of thoughtfully designed units with high-end finishes and modern amenities. With convenient access to major highways and public transportation, Griffin Capital said the community will offer a unique living experience in one of the city’s fastest-growing locations.
“We believe 2700 Leigh will further enhance the growth of the Scott’s Addition neighborhood, adding much-needed housing to an area with strong residential demand from young adults, popular retail and dining destinations, and easy access to major employment nodes in Richmond. This property marks our 26th property within a designated qualified opportunity zone to commence construction and our first in Richmond,” said Paul De Martini, chief investment officer of Griffin Capital.
“It also represents our eighth development joint venture with Greystar, and we are excited to continue our relationship with their highly skilled and experienced team of professionals,” he said.
The Richmond apartment community is part of Griffin Capital Qualified Opportunity Zone Fund III, L.P., which concluded its capital raise in March of this year after having raised nearly $586 million in investor equity. The 2700 Leigh property is part of a portfolio of seven multifamily properties comprising 2,398 units and an estimated total project cost of $802 million.
Construction of 2700 Leigh is expected to be completed by December 2026.
Griffin Capital has successfully raised over $1.7 billion to date across its qualified opportunity zone funds and has identified 29 investment opportunities across all portfolios, which comprise over 10,000 apartment units in 25 markets with an estimated $3.3 billion of total project cost.
Founded in 1995, Griffin Capital has owned, managed, sponsored, or co-sponsored investment programs encompassing more than $23 billion in assets. The company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its investors.
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