Source: Griffin Capital
EL SEGUNDO, CA - Griffin Capital Company, a leading private alternative asset manager, announced the closing of its fourth land acquisition in a qualified opportunity zone. Legacy at Encore is the second joint venture multifamily community Griffin Capital is developing in partnership with Legacy Partners.
Griffin Capital has identified nine multifamily properties partnering with five joint venture developers, including: a 475-unit mid-rise apartment community in downtown Los Angeles with Avalon Bay Communities; a 375-unit two building property in Silver Spring, Maryland with Bozzuto; two multifamily developments with Greystar Real Estate Partners (300 units in Austin, where development began in November 2019, and 500 units in Baltimore); three communities with Fairfield Residential (365 units in Austin, 284 units in Houston, where development began in December 2019, and 310 units in Hyattsville, MD in suburban Washington, DC); and, two multifamily communities in partnership with Legacy Partners (the recently acquired 228-unit property located in Tampa, Florida and 363 units in Aurora, Colorado, where development began August 2019).
Griffin Capital anticipates commencing development on all properties by November 2020 and are targeting all to be completed by May 2023.
Kevin Shields, Chairman and CEO of Griffin Capital stated, “We have partnered with a phenomenal group of best-in-class multifamily developers through whom we culled nine outstanding development opportunities. Each of the nine properties were in the forward development pipeline of our partners – either under contract or letter of intent – prior to the QOZ map having been released in mid-2018. Each property, therefore, was pursued by our partners purely on an economic basis completely independent of the QOZ legislation.”