Source: Griffis Residential / #Multifamily #Apartments
AUSTIN, TX - Griffis Residential, a Denver-based multifamily investment and management firm, announced today it has acquired The Orchard Apartments, a 512-unit Class-A multifamily community located within the Austin, Texas metro area in Round Rock's vibrant La Frontera commercial business, retail, and housing center. The $55.5 million acquisition brings the number of Class-A multifamily units Griffis Residential owns and manages to 5,658. The Orchard is Griffis Residential's first acquisition in the Austin metro area and is part of a planned market expansion beyond the firm's existing portfolio of premium multifamily communities located in Colorado and Nevada.
In tandem with the acquisition, the company announced The Orchard Apartments has been renamed Griffis La Frontera. The name change conveys Griffis Residential's persistent brand excellence, impeccable customer service, and its prime location in the La Frontera commercial park.
"Our move into the Austin metro area underscores our commitment to expand into new markets that align with our property portfolio and investment objectives," said Griffis Residential CEO David Birnbaum. "Griffis La Frontera is well positioned to capitalize on significant growth in rental demand due to Austin's abundance of high quality jobs and its overall appeal to our target resident demographic. When these positive market dynamics are combined with our proven community management processes and capital improvement program, we have an excellent opportunity to drive results for our investors."
Built in 1997, Griffis La Frontera is a Class-A apartment community in Austin, Texas that is anchored by the La Frontera master-planned commercial park, the Forest Park Medical Center, scheduled to open December 2014, and the world headquarters of Dell Computer.
In connection with the acquisition, Griffis Residential plans to make more than $4.0 million in community and apartment unit upgrades as part of its targeted capital improvement program.