Griffin Capital Qualified Opportunity Zone Fund II Breaks Ground on Houston Apartment Development
Griffin Capital Company LLC and their joint venture partner Greystar Real Estate Partners announced the start of construction on a 372-unit apartment development located within a designated opportunity zone in the Houston suburb of Richmond, Texas.
Griffin Capital Company LLC and their joint venture partner Greystar Real Estate Partners announced the start of construction on a 372-unit apartment development located within a designated opportunity zone in the Houston suburb of Richmond, Texas.
The development is part of the 2,000-acre Harvest Green master-planned community that has a variety of housing, lakes, parks, trails, pools, and an event center.
The community will consist of 11, three-story buildings with a mix of one-, two-, and three-bedroom units. In addition, it will feature a variety of tenant amenities, including a pool with lounge seating, fitness center, dog park and pet spa.
“This development will be a wonderful community that will provide new, affordable rental housing to a predominantly single-family market,” said Eric Kaplan, president of Griffin Capital. “Our long-term investment in this community will continue to create jobs, economic stimulus, and provide a great experience for our residents for many years to come. Greystar has been an integral partner in our mission, and we are excited to begin construction on another property with their team.”
This development is one of 12 communities being developed by Griffin Capital Qualified Opportunity Zone Fund II, which is expected to be comprised of an aggregate of 4,067 apartment units with an estimated total project cost of approximately $1.2 billion.
Griffin announced the construction of a Maryland multifamily community, The Six, in August 2022.
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.
