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 and manager, broke ground on a 292-unit multifamily development located in an opportunity zone in Nashville, Tennessee.
The 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. The offering raised more than $580 million from investors before closing in January 2022.
The project is located in East Nashville, approximately 15 minutes northeast of Downtown, in an area that has a mix of amenities including restaurants, cafes, and retail. Its position along Gallatin Pike, a major north-south thoroughfare through East Nashville, provides future residents access to all parts of the city and major employment nodes.
The community will offer a mix of studio through three-bedroom units and will feature a variety of tenant amenities, including a resort-style pool, fitness center, outdoor grills and lounge, a dog run, and several courtyard greenspace areas.
“East Nashville is undergoing a significant transformation led by major corporate expansions and new city-backed mixed-use developments that are transforming the area into a major economic center,” said Eric Kaplan, president of Griffin Capital. “With close proximity to downtown Nashville, this community will offer a strong value proposition for future tenants who want to live in a vibrant location within close proximity to Nashville’s renowned entertainment offerings. We are thankful for the opportunity to be long-term investors in East Nashville and create additional jobs and housing for this market. This is our 19th multifamily community in a designated qualified opportunity zone to commence construction and we believe the opportunity zone incentives provides a unique capital formation catalyst that will create long-term benefits for all stakeholders.”
Griffin Capital has raised more than $1.4 billion in its opportunity zone funds and has identified 27 investment opportunities across its portfolios, which comprise 9,463 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.