Griffin Capital Company LLC, a privately held alternative investment asset manager, together with their joint venture partner Legacy Partners, has opened the second and final phase of Legacy at Fitz, a 363-unit multifamily property located in Aurora, Colorado, across the street from Fitzsimons Medical Center.
Legacy at Fitz is one of nine communities being developed by Griffin Capital Qualified Opportunity Zone Fund L.P. which will comprise 3,273 apartment units with an estimated total project cost of approximately $985.8 million. Construction has started on every asset in the portfolio with several currently being leased.
Griffin Capital raised $1.1 billion in its closed opportunity zone fund offerings and has identified 21 investment opportunities across both portfolios, which comprise 7,340 apartment units in 17 cities with an estimated total project cost of $2.3 billion.
Phase I of Legacy at Fitz, located at 1363 N. Victor Street, opened in May 2021 and consists of a five-story building with 109 residences and two townhome buildings. Phase II includes the opening of 245 new residences with two courtyards, a pool and spa, two-story fitness center and yoga room, fifth-level observation deck with views of the Front Range, and a clubhouse with a kitchen, billiards table, a private video game room and a private dining room.
“Legacy at Fitz is a wonderful community that will provide much needed housing in an under-supplied market. Our long-term investment in this community will continue to create jobs, economic stimulus, and a great experience for our residents for many years to come. We could not have asked for a better team than Legacy Partners to help us make this a reality. This community fills an important housing need in the region, and we are all very pleased with the leasing efforts thus far,” said Eric Kaplan, president of Griffin Capital.
Designed by Denver-based architectural firm Davis Partnership, the community is located minutes from Denver International Airport and a half-mile from an RTD light rail station.
“Legacy at Fitz is one of the most unique new apartment communities in Aurora,” added R. Lane Cutter, senior managing director at Legacy. “We designed it to appeal to a wide range of residents — from affordability-seeking Denverites to those who work and live around the Anschutz Medical School area.”
Legacy Partners is a Bay Area real estate firm that provides management services for its own portfolio, as well as other owners. The company manages more than 54 multifamily communities with a gross value in excess of $3 billion.
Griffin Capital, headquartered in El Segundo, California and founded in 1995, has owned, managed, sponsored or co-sponsored investment programs encompassing approximately $22 billion in assets.