Griffin Capital Completes Arizona OZ Development
Private real estate investment manager Griffin Capital Company LLC completed construction on and began leasing Melody on Main, a 335-unit multifamily development in Mesa, Ariz., developed in partnership with The Opus Group, a privately held national real estate developer. The community is within a qualified opportunity zone and is located in downtown Mesa at the heart of the Main Street corridor.
The surrounding area is experiencing economic expansion fueled by new commercial and civic developments, according to Griffin. In fall 2022, Arizona State University opened its new satellite campus – ASU Media and Immersive eXperience (MIX) Center – one block from the Melody site, which is expected to service over 800 students focused on technology-related production and content creation. Griffin also espoused the Phoenix metropolitan area as one of the fastest growing markets in the United States as a result of a rapidly expanding job market that is fueling strong multifamily demand.
The garden-style community offers a mix of studio through three-bedroom units and townhomes and features a variety of tenant amenities, including on-site retail, a resort-style pool, outdoor dining area with grilling stations, 24-hour state-of-the-art fitness center and yoga room, social clubroom with TVs, games and an outdoor patio, creative suite with a large conference room and individual, private co-working spaces, and a pet spa.
“Melody on Main reflects our commitment to creating lively and dynamic communities that enhance the lives of residents while contributing to the economic growth of the communities in which we invest,” said Nick Rosenthal, co-chief executive officer of Griffin Capital Company.
“With its prime location in downtown Mesa and a range of modern amenities, this development will be additive to the fabric of the Mesa community, and we are thrilled for all the stakeholders that will benefit from its creation. We are incredibly thankful for the hard work of our partners, their employees, the city of Mesa, and to our investors for helping to create this wonderful community,” added Rosenthal.
Griffin Capital has raised over $1.6 billion across its various qualified opportunity zone funds and currently manages a combined portfolio of 27 multifamily communities in various stages of construction and leasing, totaling over 9,400 units with an estimated total project cost of $3.1 billion.
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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