Home Alts News Griffin Capital Begins Construction on North Carolina Multifamily Opportunity Zone Project

Griffin Capital Begins Construction on North Carolina Multifamily Opportunity Zone Project

Griffin Capital Company LLC, a private real estate investment manager and sponsor of opportunity zone funds, broke ground on Broadstone West End, a 332-unit multifamily development in a qualified opportunity zone in Charlotte, North Carolina. Alliance Residential, a privately held national real estate developer, has partnered with Griffin on the joint venture.

Located in Charlotte’s West End neighborhood, Broadstone West End will offer access to employment, public transit and retail amenities. The residential community will be the benefactor of several adaptive re-use developments currently underway that will bring hundreds of thousands of square feet of creative office space to the immediate area. In addition, the site offers direct and convenient access to major employment nodes such as Uptown and South End.

The five-story community will offer a mix of studio through two-bedroom units and feature a variety of tenant amenities, including a resort-style pool, expansive fitness center, wi-fi enabled co-working space, covered parking and a dog spa and pet park.

“Broadstone West End will add additional housing to the West End submarket, one of the fastest growing areas of Charlotte that continues to attract young professionals due to its access to new retail amenities and employment,” said Eric Kaplan, president of Griffin Capital. “This property marks our 18th property within a designated qualified opportunity zone to commence construction.”

Griffin Capital has raised over $1.4 billion to date across its qualified opportunity zone funds and has identified 27 investment opportunities across its qualified opportunity zone portfolios, which comprise 9,463 apartment units in 20 cities with an estimated total project cost of over $3.0 billion.

Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $23 billion in assets.

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