Griffin Capital OZ Fund Completes Construction of Austin Multifamily Community

Private real estate investment manager Griffin Capital Company LLC announced the completion of construction on a 364-unit apartment community located in an opportunity zone in Austin, Texas.

1900 Parmer Apartments consists of two four-story, garden-style buildings featuring a variety of floor plans, including studios, one-bedroom, and two-bedroom units. The community offers an array of modern amenities, such as a clubhouse, a resort-style pool, a dog park, and a fitness center.

“We are thrilled to introduce 1900 Parmer Apartments, a thoughtfully designed community that meets the increasing demand for quality housing in a high-growth area of Austin,” commented Paul De Martini, chief investment officer at Griffin Capital. “With Austin’s forecasted job growth expected to outpace the rest of the country over the next five years and significant population growth projections, this community addresses a critical housing need.”

1900 Parmer Apartments is one of the nine communities being developed by Griffin Capital Qualified Opportunity Zone Fund, L.P., which will comprise over 3,273 apartment units with an estimated total project cost of approximately $1 billion. The fund raised nearly $460 million from accredited investors in 2019 and 2020.

“We are grateful to our investors, the city of Austin, and to our partners for their assistance in bringing this project to life, and we are very pleased with the initial leasing momentum, which we expect to continue as Austin leads the nation in net absorption through the first half of the year,” added De Martini.

The community is strategically located with direct access to Interstate 35 and Highway 130, providing easy connectivity to the broader Austin area. Situated close to major brand-name employers such as Samsung, 3M, Blue Apron, Home Depot, and General Motors, 1900 Parmer Apartments offers unparalleled convenience for professionals working nearby. Additionally, according to Griffin Capital, the community is just a short drive away from the bustling Tech Ridge area, providing residents with multiple retail and dining options within close proximity. In addition, the community is near The Domain, a premier entertainment and retail district.

Griffin Capital has raised approximately $1.7 billion in equity across its various qualified opportunity zone funds and currently manages a combined portfolio of 28 multifamily communities in various stages of construction, leasing and operations, totaling over 9,800 units with an estimated total project cost of $3.2 billion.

Earlier this month, the company completed construction on The Scottie, a 320-unit multifamily community in Nashville. The Scottie is one of 11 communities being developed by Griffin Capital Qualified Opportunity Zone Fund II, L.P.

Griffin Capital Company is a leading full-service real estate investment and management company. Since 1995, the company has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets across a wide range of real estate sectors and investment structures. Griffin’s senior executives and employees have co-invested over $300 million in various investment verticals.

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