Griffin Capital OZ Fund Breaks Ground on Colorado Multifamily Community
Griffin Capital Company LLC and Legacy Partners have announced the start of construction on a 380-unit multifamily community located in Aurora, Colorado.
Griffin Capital Company LLC and Legacy Partners have announced the start of construction on a 380-unit multifamily community located in Aurora, Colorado. The development is one of 12 communities being developed by Griffin Capital Qualified Opportunity Zone Fund II LP, which will comprise 4,067 apartment units with an estimated total project cost of approximately $1.2 billion.
The Aurora development is part of a 60-acre master-plan community with office, retail and multifamily centered around a renovated light rail station that connects the neighborhood to destinations throughout Greater Denver. The community will have direct rail and highway access to Fitzsimons Medical Center, Denver’s largest medical district, which includes University of Colorado-affiliated hospitals and research centers.
The four-story community will offer a mix of studio, one-, two-, and three-bedroom units and will feature various amenities, including a resort-style pool, fitness center, resident lounge and outdoor communal kitchen.
“This community will be uniquely positioned to take advantage of Aurora’s strong job and population growth driven by its expanding medical sector,” said Eric Kaplan, president of Griffin Capital. “It will provide attractive, affordable rental housing to meet the area’s growing demand and create additional economic stimulus for the community. This is our third development with Legacy across our opportunity zone funds and our second with their team in the Aurora market.”
Griffin Capital has raised more than $1.2 billion to date in its opportunity zone fund offerings and has fully identified 27 investment opportunities across all portfolios, which comprise 9,448 apartment units in 20 cities with an estimated $3.1 billion of total project cost.
