Source: Griffis Residential / #Multifamily #Apartments
AUSTIN, TX - Griffis Residential, a Denver-based multifamily investment and management firm, announced that it has acquired Riverton at Davis Springs Apartments, a 312-unit Class-A multifamily community located in the northwest area of Austin, Texas. Five of the firm's eight acquisitions since November 2014 are located within the Austin metro area, bringing the company's Austin portfolio to a total of 1,648 units. With the Riverton acquisition, Griffis Residential owns and manages approximately 7,000 apartment units in Colorado, Texas, Nevada and Washington.
"Austin is a prime metro area for the expansion of our multifamily portfolio due to its highly educated workforce and history of innovation leadership," said Griffis Residential Executive Chairman, Ian Griffis. "Technology jobs drive wage growth and a host of other employment opportunities, which fuels demand for quality rental housing and drives long-term rent growth. Like all of our recent acquisitions in the Austin metro area, Riverton at Davis Springs aligns perfectly with our highly-focused multifamily investment strategy."
Effective immediately, Riverton at Davis Springs Apartments has been renamed Griffis Parmer Lane.
Built in 2003, Griffis Parmer Lane is a Class-A apartment community located on a highly-visible 16.5 acre site along the rapidly growing Parmer Lane employment corridor. With close proximity to State Highway 45, Griffis Parmer Lane is just minutes from over six million square feet of office space and less than a mile from the Lakeline MetroRail and Capital Metro Express Bus service. The garden-style property offers one- to three-bedroom apartments with nine-foot ceilings, ranging in size from 610 to 1,264 square feet. The gated community features a comprehensive set of high-end amenities including a clubhouse, business center, fitness center, carports, garages, and a large pool with spa.