A joint venture between Griffin Capital Company LLC, a private alternative asset manager and sponsor of non-traded direct investment offerings, and Legacy Partners, a private real estate firm, has closed on its first multifamily development site in a qualified opportunity zone.
The 4.5-acre site is located in the Denver suburb of Aurora, Colorado, where Griffin and Legacy plan to develop a five-story, 363-unit multifamily community named Legacy at Fitz.
The site is adjacent to the Fitzsimons Medical Center, the largest concentration of medical facilities in the Rocky Mountain region. Construction will commence in the next several weeks.
As part of its opportunity zone investment program, Griffin Capital plans to develop two multifamily communities in partnership with Legacy Partners (363 units in Aurora and 225 units in Tampa), two with Greystar Real Estate Partners (300 units in Austin and 500 units in Baltimore), and three communities with Fairfield Residential (365 units in Austin, 284 units in Houston, and 310 units in the Washington, D.C. suburb of Hyattsville, Maryland).
“We could not be more thrilled to acquire our first [qualified opportunity zone] land parcel and commence development,” said Kevin Shields, chairman and chief executive officer of Griffin Capital. “We have assembled an outstanding group of best-in-class multifamily development partners with seven great properties, all but one of which were in the respective developer’s forward pipeline prior to the OZ legislation having been finalized; these opportunities were culled from over $3 billion of potential investment opportunities underwritten by our real estate team.”
“Legacy at Fitz is an outstanding property in a fast-growing area,” added Eric Kaplan, president of Griffin Capital Private Equity LLC. “The property’s proximity to the large and growing medical campus, a nearby light rail station, dining and retail options, an adjacent Hyatt Regency hotel, and our planned luxury amenities combine to make Legacy at Fitz an extremely desirable, sought-after residential community.”
Legacy at Fitz will have a mix of studios, one-, two-, and three-bedroom units as well as 497 parking spots. Residential amenities will include a clubhouse, fitness center, Pilates room, a rooftop deck, two courtyards, a resort-style pool and spa, outdoor kitchens, and fire pits.
The property is adjacent to an elevated pedestrian bridge physically connecting the property to the Fitzsimons Medical Center, which is a 15-minute drive to Denver International Airport and a 20-minute drive to Downtown Denver and the Denver Tech Center.
Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $17 billion in assets.
Griffin Capital’s alternative investment solutions include interval funds in the company’s Institutional Access fund family, non-traded real estate investment trusts, and private real estate strategies.
The company’s programs include Griffin Institutional Access Credit Fund, Griffin Institutional Access Real Estate Fund, Griffin Capital Essential Asset REIT, Griffin Institutional Property Exchange DSTs, and a qualified opportunity zone fund.