Griffin Capital Company LLC, a private alternative asset manager and sponsor of non-traded alternative investment programs, has closed its fourth land acquisition in a qualified opportunity zone.
Legacy at Encore, pictured above, is a 228-unit multifamily community in Tampa, Florida and the second joint venture multifamily community Griffin is developing in partnership with Legacy Partners.
Griffin Capital has identified nine multifamily properties partnering with five joint venture developers. These include:
- A 475-unit mid-rise apartment community in downtown Los Angeles with Avalon Bay Communities
- A 375-unit two building property in Silver Spring, Maryland with Bozzuto
- Two multifamily developments with Greystar Real Estate Partners (300 units in Austin, where development began in November 2019, and 500 units in Baltimore)
- Three communities with Fairfield Residential (365 units in Austin, 284 units in Houston, where development began in December 2019, and 310 units in the Washington, DC suburb of Hyattsville, Maryland)
- Two multifamily communities in partnership with Legacy Partners (Legacy at Encore in Tampa, Florida and a 363-unit property in Aurora, Colorado, where development began August 2019).
Griffin Capital anticipates commencing development on all properties by November 2020 and are targeting all to be completed by May 2023.
“We have partnered with a phenomenal group of best-in-class multifamily developers through whom we culled nine outstanding development opportunities,” said Kevin Shields, chairman and chief executive officer of Griffin Capital. “Each of the nine properties were in the forward development pipeline of our partners – either under contract or letter of intent – prior to the QOZ map having been released in mid-2018. Each property, therefore, was pursued by our partners purely on an economic basis completely independent of the QOZ legislation.”
Griffin Capital is an alternative investment asset manager headquartered in El Segundo, California with offices in Irvine, California, Phoenix, and Greenwich, Connecticut.
Griffin Capital’s alternative investments include three groups of products: non-traded real estate investment trusts (REITs), interval funds in the company’s Institutional Access fund family, and tax advantaged strategies. Founded in 1995, the firm has owned, managed, sponsored or co-sponsored more than $18.1 billion in assets.
The company’s investment programs include Griffin Capital Essential Asset REIT, Griffin Institutional Access Credit Fund, Griffin Institutional Access Real Estate Fund, and Griffin Institutional Property Exchange Delaware statutory trusts. Griffin also sponsors the Griffin Capital Qualified Opportunity Zone Fund L.P., a Regulation D opportunity zone fund.