Griffin Capital Company announced the start of construction on a 396-unit multifamily development in Herndon, Virginia. together with their joint venture partner Greystar Real Estate Partners, broke ground on a 396-unit multifamily development in Herndon, Virginia. The development is one of twelve communities being developed by Griffin Capital Qualified Opportunity Zone Fund II L.P., which will comprise a total of 4,084 apartment units with an estimated total project cost of approximately $1.3 billion.
Located in Loudoun County, approximately 30 minutes west of Downtown Washington, D.C., the property will be proximate to the recently completed Silver Line Metro Station, which offers access to multiple employment nodes in the Washington, D.C. metro, as well as retail amenities and employment centers.
The community will offer a variety of studio through three-bedroom floor plans and will have amenities, including a resort-style pool, fitness center, resident lounge and courtyard green space.
Griffin says the development will provide 10% affordable units and will be built to a National Green Building Standard Silver certification.
“Loudoun County’s commitment to innovation and transit-oriented development has made the area an important economic hub,” said Eric Kaplan, president of Griffin Capital. “The community we are developing will provide affordable rental housing to a traditionally expensive single-family market and will be well-suited to meet the needs of the city’s growing population. This is our fifth development with Greystar, which ranks as one of the largest multifamily developers in the nation. The development also marks our 17th property within a designated qualified opportunity zone to commence construction to date.”
Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing more than $23 billion in assets.