Griffin Capital Company LLC, a private alternative asset manager and sponsor of non-traded alternative investment programs, has closed its eleventh land acquisition in a qualified opportunity zone. The purchase price was not disclosed.
Located in Mesa, Arizona, a submarket of the Phoenix metropolitan area, the land will be the site of a 335-unit multifamily community. Griffin will develop the property in partnership with The Opus Group, a commercial real estate development, construction, and design firm.
“This new community will provide much needed housing to this burgeoning market,” said Eric Kaplan, president of Griffin Capital Private Equity. “Mesa is one of the fastest-growing cities in the country, with a population that exceeds other gateway cities including Atlanta, Georgia, and Miami, Florida.”
Kaplan added that the property will be located in the Main Street Corridor, which is experiencing a “revitalization fueled by new commercial and civic developments.”
The Arizona State University at Mesa City Center campus, which is slated for completion in December, is located one block from Griffin’s multifamily development site. The campus will house a new center for media arts, gaming and film production, and is expected to serve approximately 800 students.
Griffin Capital currently has 13 multifamily properties in various stages of acquisition and development, each of which is located in a qualified opportunity zone. In addition to The Opus Group, Griffin Capital has partnered with several other multifamily developers to construct housing in opportunity zones, including Alliance Residential, Avalon Bay, The Bozzuto Group, Fairfield Residential, Greystar, Legacy Partners, RangeWater and Transwestern. These multifamily communities will consist of 4,685 units with a total approximate development cost of $1.3 billion.
Griffin Capital is a privately-held alternative investment asset manager headquartered in Los Angeles, California. Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs totaling more than $20 billion in assets.
The company’s alternative investments include three groups of products: non-traded real estate investment trusts (REITs), interval funds in the company’s Institutional Access fund family, and tax advantaged strategies, including Delaware statutory trusts and opportunity zone funds.