Griffin Capital Fully Subscribes Delaware Statutory Trust Offering

Griffin Capital Company LLC, an alternative asset manager and sponsor of non-traded direct investment offerings, has fully subscribed its 1031 exchange Delaware statutory trust.

Griffin Capital Company LLC, an alternative asset manager and sponsor of non-traded direct investment offerings, has fully subscribed its 1031 exchange Delaware statutory trust (DST) offering comprised of The Dominion, a multifamily property located in the Houston suburb of Conroe, Texas.

Purchased in November 2019 for an undisclosed sum, The Dominion is located 1.5 miles north of The Woodlands, a master planned community.

Griffin Institutional Property Exchange, an affiliate of Griffin Capital, sponsors 1031 exchange offerings with a focus on Class A multifamily properties. This offering represents the 26th tax-advantaged private placement offering sponsored by the firm over the last 16 years.

According to a filing with the Securities and Exchange Commission, the Reg D offering, named Griffin Capital (The Dominion – Conroe, TX) DST, sought to raise $24.9 million in investor equity, and as of September 25, raised $22.6 million from 74 investors.

“We brought the Dominion to market in December 2019 and received a strong reception from our intermediary community, but given COVID-19 and its potential impact on rent collections, we felt it was our duty to suspend sales for the offering in March 2020 until we could fully assess any change in the projected return profile,” said Kevin Shields, chief executive officer of Griffin Capital. “After careful consideration and diligence with our property partner, we reopened the offering with confidence in June 2020.”

Griffin pointed out that the global pandemic has not hampered the long-term outlook for multifamily commercial real estate. The demographic trends represented by Millennials and Baby Boomers and their continued propensity to rent remain strong now and into the foreseeable future. The company plans to continue to offer 1031 DST investment offerings, it said.

Griffin Capital is a leading alternative investment asset manager headquartered in El Segundo, California with offices in Irvine, California, Phoenix, Arizona, and Greenwich, Connecticut. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $18 billion in assets.

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, Griffin Capital has owned, managed, sponsored or co-sponsored more than $18 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, among others.

Click here to visit the Griffin Capital directory sponsor page.