Griffin Capital Completes Construction on Multifamily Development in LA Opportunity Zone
Private real estate investment manager Griffin Capital Company LLC completed construction on AVA Arts District, a 475-unit multifamily community in Los Angeles that was developed in partnership with AvalonBay Communities, an owner and developer of multifamily real estate. The community is within a qualified opportunity zone and is located in the rapidly growing Arts District of downtown Los Angeles, just east of the downtown core, which hosts some of Los Angeles’ trendiest restaurants, breweries, art galleries, and retail shops.
AVA Arts District is one of nine multifamily communities being developed by Griffin Capital Qualified Opportunity Zone Fund LP, which will comprise 3,273 apartment units with an estimated total project cost of approximately $1 billion.
The city approves and monitors each new development in the area, helping sustain growth while maintaining the unique culture and aesthetic of the Arts District. Brand-name tenants include Warner Music, SoHo House, Spotify Technologies, Condé Nast, Greycroft Partners, and Oblong Industries; each have leased large blocks of office space to take advantage of the rapidly gentrifying area. The property is also adjacent to the ROW DTLA, a 32-acre mixed-use project with almost 3 million square feet of shops, restaurants, and office space.
The seven-story community will offer a mix of studio through three-bedroom units, approximately 56,000 square feet of ground-floor retail and feature a variety of tenant amenities, including a resort-style pool with outdoor barbecues, expansive lobby with a mezzanine level, lounge with a kitchen, multistory fitness center, co-working spaces, business center with several meeting rooms, and a rooftop terrace.
“AVA Arts District is one of our largest and most transformative projects to date,” said Nick Rosenthal, co-chief executive officer of Griffin Capital Company. “The community provides much-needed housing to this rapidly growing market while also maintaining the vibrant and creative aesthetic that has made the area a renowned destination featuring some of the best restaurants in the world as well as a host of major employers. AVA Arts District represents our eighth community within a qualified opportunity zone to complete construction to date.”
Griffin Capital has successfully 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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