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Griffin Capital Multifamily Development Fund Goes Full Cycle with Final Property Sale

Griffin Capital Development Partners Fund I LLC, a private placement fund sponsored by Griffin Capital Company, has sold its last remaining property – a multifamily property located in Atlanta, Georgia.

Griffin Capital Development Partners Fund I LLC, a private placement fund sponsored by Griffin Capital Company, has sold its last remaining property – a multifamily property located in Atlanta, Georgia.

The fund launched in mid-2016 and invested $29.7 million of equity to develop three multifamily communities located in Dallas, Texas; Monrovia, California; and Atlanta, Georgia. The Dallas property was sold in September 2017, the Monrovia property in April 2021, and the Atlanta property in August 2021.

After distributing the proceeds from the final property sale, Griffin said that the fund will have generated cumulative distributions to investors of $48.7 million. A “small portion” of additional proceeds were held back as a reserve for customary representations and warranties associated with the sale of the properties, and the remaining amount will be returned to investors after the representations and warranties period expires, the company said.

“We are very pleased with the results we were able to achieve for our investors,” said Eric Kaplan, president of Griffin Capital Private Equity. “This successful outcome provides further support of our ongoing conviction that: (i) multifamily is a resilient asset class that performs well in varying economic environments; (ii) demand for rental housing is supported by strong secular trends; (iii) investment in markets with strong job and population growth drives demand for high quality rental housing; and (iv) partnerships with institutional developers with deep experience and a substantial track record increases the probability of a superior investor outcome.”

Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $20 billion in assets. The company’s alternative investment platform includes non-traded real estate investment trusts (REITs), interval funds in the company’s Institutional Access fund family, and tax advantaged strategies, including Delaware statutory trusts and opportunity zone funds.

Click here to visit the Griffin Capital directory sponsor page.