Griffin Capital Breaks Ground on Multifamily Development in Maryland Opportunity Zone

Griffin Capital Company LLC, a private real estate investment manager and sponsor of opportunity zone funds, together with their joint venture partner Greystar Real Estate Partners, a privately held national real estate developer, broke ground on a 420-unit multifamily development located in a Baltimore, Maryland opportunity zone.

Located along Baltimore’s waterfront, 2525 Insulator Drive is part of a “master-plan development” anchored by Under Armour’s new corporate headquarters that include housing, office space, recreational amenities, and multiple retail, dining and entertainment establishments. The site offers direct access to major thoroughfares connecting to all employment nodes in the Baltimore metropolitan area and retail nodes along the inner harbor.

According to Griffin, the community will offer a mix of studio through three-bedroom units and feature a variety of tenant amenities, including a terrace pool, expansive fitness center, community kitchen, tenant co-working space and makerspace.

“2525 Insulator Drive will be an important component of the revitalization of Baltimore Peninsula, creating much needed housing to complement the area’s rapid job and retail expansion,” said Eric Kaplan, president of Griffin Capital. “The community is our 21st development within a designated qualified opportunity zone to commence construction and our second in Baltimore. The property represents our sixth development joint venture with Greystar, the second largest multifamily developer in the nation, and we are excited to continue our relationship with their highly skilled and experienced team of professionals.”

Griffin Capital has raised over $1.5 billion to date across its qualified opportunity zone funds and has identified 27 multifamily development opportunities for these strategies comprising 9,316 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.

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