SEATTLE, WA - Griffis Residential, a vertically integrated multifamily owner and operator based in Denver, Colorado, serving 13 markets coast to coast, announced that Griffis Premium Apartment Fund IV ("Fund IV") has completed the sale of Griffis North Creek, a 524-unit apartment community in the Seattle metropolitan area.
Griffis Residential's disciplined investment strategy at Griffis North Creek produced Net Operating Income (NOI) growth nearly triple the National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index for apartments within the respective core-based statistical area (CBSA), reinforcing the firm's cycle-tested approach to value creation.
"Despite elevated supply and rising interest rates, we have continued to successfully harvest investments and deliver strong outcomes for our investors," said Jim DiRienzo, Senior Vice President of Investments. "Our disciplined approach to fixed-rate, long-term, low leverage has provided stability through a challenging market environment, while our vertically integrated management platform, refined over 40 years, has enabled us to create operational alpha, maintain stability, and continue delivering successful results."
Targeted capital improvements at Griffis North Creek, combined with operational initiatives, significantly enhanced the property's performance, driving 50% NOI growth while continuously improving resident satisfaction scores.
Griffis Residential, based in Denver, CO, is a vertically integrated multifamily investment firm currently operating a $3.8 billion portfolio of institutional-quality apartment communities in high-growth innovation hubs. The Griffis Residential management platform includes ~300 apartment professionals located in Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, MD, Pompano Beach, and West Palm Beach.