Griffin Capital Company LLC, a private alternative asset manager and sponsor of non-traded alternative investment programs, has closed its tenth land acquisition in a qualified opportunity zone. The purchase price was not disclosed.
Located in Silver Spring, Maryland, the land will be the site of a 375-unit, mid-rise apartment community that Griffin Capital will develop in partnership with The Bozzuto Group and StonebridgeCarras.
Griffin Capital currently has 13 multifamily properties located in opportunity zones that are in various stages of acquisition and development. The firm has partnered with several multifamily developers to construct opportunity zone housing, including Avalon Bay, Greystar, Legacy Partners, Alliance Residential, Fairfield Residential, Transwestern, RangeWater and The Opus Group. These multifamily communities will consist of nearly 4,700 units with a total approximate development cost of $1.3 billion.
“Our Silver Spring development is another example of our commitment to investing in attractive markets that fall within designated opportunity zones,” said Eric Kaplan, president of Griffin Capital Private Equity. “Conveniently located near Bethesda, MD and Downtown Washington D.C., Silver Spring has blossomed into a dynamic live-work-play environment. The market is supported by strong employment opportunities and a compelling mix of retail and dining, all of which are proximate to our property. We are proud to support the city of Silver Spring by bringing additional high-quality housing to this vibrant community.”
Founded in 1995, Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing 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.