Griffin Capital Qualified Opportunity Zone Fund L.P. has announced a special distribution to investors following the “successful recapitalization” of Laurel Apartments in East Austin.
In less than three years, Griffin Capital along with its joint venture partner, Greystar Real Estate Partners, have completed, leased to stabilization, and recapitalized this 300-unit community that will bring housing and continued economic stimulus to the East Austin market, the company said.
The special distribution to investors will equate to a little more than 50 percent of the equity allocated to this investment and is intended to provide interim liquidity for investors prior to their deferred gain liability being due in 2027.
“We are thrilled to be making this long-term investment in East Austin. We believe that Laurel Apartments will help provide much needed housing in a growing market and we are excited to have partnered with Greystar, a best-in-class developer, to help make this community a reality,” said Eric Kaplan, president of Griffin Capital.
He added, “We view the fact that the community was completed on time and under budget given the cyclical headwinds of supply chain issues and materials cost volatility is a reflection of diligent construction and asset management and illustrative of the strength and scale a partner like Greystar brings to our investors.”
Since 1995, Griffin Capital Company, a full-service real estate investment and management firm, has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets1 across a range of real estate sectors and investment structures.