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Griffis Residential Closes $407 Million Apartment Fund

Value-Add Fund Targeting Investments in the Western U.S.
October 9, 2017
Griffis Pine Avenue, a 221-unit complex in downtown Long Beach, CA, was purchased for $79.25 million
Griffis Pine Avenue, a 221-unit complex in downtown Long Beach, CA, was purchased for $79.25 million
Griffis Residential, a Denver-based multifamily investment and management firm, held final closing of its fourth private equity real estate investment fund, Griffis Premium Apartment Fund IV, with $407 million in capital.

Fund IV is targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California.

Fund IV will pursue the same investment strategy as its predecessor funds creating value through operational and capital improvements. Target assets are typically of recent vintage, containing 200+ units, and have total project costs ranging from $50 million - $150+ million.

Acquisitions in Fund IV are focused on markets benefiting from above average wage growth and demographics that favor the apartment industry. To date, it has acquired four apartment communities comprising 1,475 units in the Austin, Seattle, Denver and Los Angeles metro areas.

"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," said David Birnbaum, co-CEO.

The fund's most recent purchase was Griffis Pine Avenue, a 221-unit complex in downtown Long Beach, CA, purchased for $79.25 million, or about $358,597 per unit (CoStar Sale Comp ID: 3999037).

Shelter Rock Capital Advisors in New York acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.
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