Griffin Capital Breaks Ground on Multifamily Development in Arizona Opportunity Zone
Griffin Capital Company LLC, a private real estate investment manager and sponsor of opportunity zone funds, together with their joint venture partner Mill Creek Residential, a privately held national real estate developer, broke ground on Modera Rio Salado, a 319-unit multifamily development in Tempe, Arizona.
This development is one of twelve communities being developed by Griffin Capital Qualified Opportunity Zone Fund II L.P., which will comprise 4,083 apartment units with an estimated total project cost of approximately $1.3 billion. As The DI Wire previously reported, Griffin broke ground on a separate multifamily development in a Tennessee opportunity zone earlier this month.
Located near the Arizona State University campus and adjacent to the Tempe Center for the Arts and the IDEA Tempe Campus, Modera Rio Salado is a master-planned development that will consist of office, restaurant and retail space. Its central location provides future tenants accessibility to various destinations in the greater Phoenix metro, including Phoenix Sky Harbor International Airport, Scottsdale, Camelback Corridor and Downtown Phoenix.
The seven-story podium community will offer a mix of studio through three-bedroom units and feature a variety of tenant amenities, including a resort-style pool, expansive fitness center, resident lounge, rooftop amenity space and covered parking.
“This property marks our 20th development within a designated qualified opportunity zone to commence construction and our second community in Tempe. We are very constructive about Tempe’s long-term prospects given its expanding employment base and the growth of Arizona State University,” said Eric Kaplan, president of Griffin Capital. “We believe this development will serve to benefit the community, our future residents and is a win-win for all stakeholders involved. This is a great example of how the opportunity zone tax benefit is helping to encourage capital formation and long-term investment in the housing sector.”
Griffin Capital has raised over $1.4 billion to date across its qualified opportunity zone funds and has identified 27 investment opportunities across all portfolios, which comprise 9,465 apartment units in 20 cities with an estimated $3.0 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.
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