Griffis Residential, a Denver-based multifamily investment and management firm, today announced the final closing of its fourth private equity real estate investment fund, Griffis Premium Apartment Fund IV (“Fund IV”), with $407m in capital for investment in high-quality apartments. To date, Fund IV has acquired four apartment communities comprising 1,475 units in the Austin, Seattle, Denver and Los Angeles metro areas. Fund IV is targeting approximately $1.0 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon, and California.
The successful completion of Fund IV was made possible by the ongoing support of many long standing investors, some of whom have invested with Griffis for over 30 years. “We are pleased to have our first discretionary commitments from institutional investors which include prominent endowments and pension funds,” said Ian Griffis, Chairman and Co-CEO.
Fund IV will pursue the same investment strategy as its predecessor funds, acquiring high quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain 200+ units, and have a total project cost ranging from $50m - $150+m. Acquisitions in Fund IV are focused on markets benefiting from above average wage growth and demographics that favor the apartment industry.
“We are highly selective with regard to the transactions we pursue and are pleased with a robust apartment pipeline that continues to provide opportunities to generate a healthy near-term yield with additional upside through the Griffis Residential value-add formula,” said David Birnbaum, Co-CEO.
Shelter Rock Capital Advisors, headquartered in New York, acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.
About Griffis Residential
Griffis Residential is a vertically integrated multifamily real estate investment firm that currently owns and self-manages nearly 8,000 Class-A apartment units valued at over $1.7 billion. The company, comprised of approximately 250 employees, offers a superior resident experience.Through a highly focused management oriented strategy, the firm strives to deliver net returns to investors well above industry benchmarks. Please visit GriffisResidential.com for more information.