Griffin Capital Qualified Opportunity Zone Fund II L.P. and its partners Transwestern Development Company and Perseus TDC have reported that construction has started on The Six, a 316-unit multifamily property located in a Hyattsville, Maryland opportunity zone.
The Six’s name pays tribute to Hyattsville’s original six neighborhoods. The company noted that this will be the first community in Prince George’s County designed to meet the requirements of the National Green Building Standard Gold Certification. It will be built with sustainable materials and construction processes, and will include Energy Star appliances, native landscaping, and parking spaces for electric vehicle charging stations.
Located at 6400 America Blvd, The Six will also have more than 2,000 square feet of ground-floor retail space and a parking garage for 276 vehicles. The residential units, comprised of a mix of efficiency and one- and two-bedroom units, are expected to be ready for occupancy in the summer of 2024.
“We are thrilled to be making this long-term investment in Hyattsville. We believe that The Six will help provide much needed housing in a growing market and we are excited to partner with Transwestern, a best-in-class developer, to help make it a reality. The unique, environmentally conscious design features allow our residents to not only have a wonderful community to call home, but it also empowers them to live in a community that was purposely designed to adhere to higher sustainability standards,” said Eric Kaplan, president of Griffin Capital.
The Six is one mile from the University of Maryland’s main campus and about a half mile from the Prince George’s Plaza Metro station. Residents will be close to the Hyattsville Arts District, which includes galleries, parks, breweries, restaurants, shops and nightlife. In addition, murals will be commissioned from local artists “to honor the community’s artistic vibe.”
Nick Rosenthal, managing director of Griffin Capital, added, “The residents of Hyattsville, our investors, employees, future residents of The Six, and those involved in the design and construction process will be able to take great pride in this community. This is the essence of driving towards great outcomes where private investment has a meaningful impact on local communities, and we are humbled by the opportunity to participate in that mission.”
Griffin Capital’s second qualified opportunity zone fund launched in October 2020 and closed in late 2021 after raising more than $585 million. The opportunity zone program was created in late 2017 as part of the Tax Cut and Jobs Act to stimulate investments in distressed communities nationwide by offering potentially significant tax benefits to investors, particularly those who hold their investments long term.
Founded in 1995, Griffin Capital Company, a full-service real estate investment and management company, has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets across real estate sectors and investment structures.