Griffin Capital Company LLC and its joint venture development partner, Fairfield Residential, broke ground on 2300 North Tryon, a 307-unit multifamily development in Charlotte, N.C. The qualified opportunity zone property marks Griffin’s fifth joint venture with Fairfield, a privately held national real estate developer.
The development also marks the 22nd property within a qualified opportunity zone for Griffin, a full-service real estate investment and management company.
Located in Charlotte’s fast growing North End, the property will benefit from the ongoing revitalization of the community where historic buildings have been transformed to create a vibrant live-work-play neighborhood characterized by new art, entertainment, retail, and food destinations. The development will sit in the middle of Charlotte’s two largest employment nodes, Uptown to the south and the University area to the north, both of which are a short drive from the site via Tryon Street/Highway 29 and accessible via the LYNX Blue Line which will be walkable for future residents.
The midrise community will offer a mix of studio, one-, and two-bedroom units and will feature a variety of tenant amenities, including a pool, fitness center, co-working space with private offices, rooftop lounge, community dog park and pet spa, and outdoor kitchen space.
“2300 N. Tryon will provide additional housing to one of the fastest growing areas of Charlotte and will complement the area’s robust retail, dining and entertainment options while providing easy access to the area’s major employment centers,” said Eric Kaplan, president of Griffin Capital.
“This property marks our 22nd property within a designated qualified opportunity zone to commence construction and our second in Charlotte. It also represents our fifth development joint venture with Fairfield, and we are excited to continue our relationship with their highly skilled and experienced team of professionals,” he added.
Griffin Capital has successfully raised over $1.5 billion to date across its qualified opportunity zone funds and has identified 27 investment opportunities across all portfolios, which comprise 9,346 apartment units in 20 cities with an estimated $3.1 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.