Griffin Capital Breaks Ground on Multifamily OZ Development in Austin
Private real estate investment manager Griffin Capital Company broke ground on N. Lamar, a 378-unit multifamily development in a qualified opportunity zone in Austin, Texas. The project is a joint venture with Greystar Real Estate Partners, a privately held national real estate developer.
Part of Griffin Capital Qualified Opportunity Zone Fund III, L.P. – an offering which concluded its capital raise in March 2024, after having raised approximately $586 million in investor equity – N. Lamar is one of seven multifamily properties.
The development is located in Austin’s Crestview neighborhood. Griffin Capital described it as a walkable area with several popular and unique businesses, restaurants, and bars along oak-lined streets. Additionally, Griffin Capital said N. Lamar’s central Austin location will offer residents convenient access to major employment nodes, including downtown Austin, The Domain, Mueller Austin, the University of Texas at Austin, and Apple and Oracle’s respective campuses, as well as Austin-Bergstrom International Airport. N. Lamar will also be walkable to the Crestview Station CapMetro Rail stop, which provides direct access to Austin’s commuter rail line that connects downtown Austin to The Domain.
N. Lamar will offer a diverse range of living options, from studio to three-bedroom units. It will feature a variety of tenant amenities, including a resort-style pool, fitness studio with outdoor lawn space, coworking space, a game room, bike storage, a community kitchen and outdoor grills, and a coffee shop retail space.
“The Crestview neighborhood continues to be one of Austin’s fastest-growing markets as new residents are drawn to its vibrant community and central location with exceptional access to employment and public transit. As a result, the neighborhood has a strong need for additional housing, which we are proud to help address,” said Paul De Martini, chief investment officer of Griffin Capital.
“This property marks our 24th property to commence construction within a designated qualified opportunity zone and our fourth in Austin. It also marks our seventh partnership with Greystar, a renowned multifamily developer and property manager with extensive experience in Austin,” added De Martini.
Griffin Capital has successfully raised over $1.3 billion to date across its qualified opportunity zone funds and has identified 27 investment opportunities across all portfolios, which comprise 9,429 apartment units in 18 cities with an estimated $3.1 billion of total project cost.
Griffin Capital Company is a leading full-service real estate investment and management company. Since 1995, the company has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets across a wide range of real estate sectors and investment structures. Griffin’s senior executives and employees have co-invested over $300 million in various investment verticals.
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