Griffis Residential Announces First Close and Initial Acquisition of Fund VII
Griffis Residential has announced the first close of its Griffis Premium Apartment Fund VII, securing $207 million in capital commitments. This follows the success of Fund VI, which raised $525 million. The new fund continues Griffis' value-add investment strategy targeting high-quality multifamily properties in U.S. markets with strong demographic and economic fundamentals. The first acquisition under Fund VII is Griffis North Olive, a 263-unit apartment complex in West Palm Beach, Florida, acquired for $104 million at an estimated 25% discount to replacement cost. This purchase expands the company's presence in South Florida and aligns with its strategy of acquiring well-located properties that offer value through improvements and better management. Griffis Residential currently owns and manages around 9,500 units across diverse markets nationwide as part of a $3.6 billion portfolio. The firm emphasizes long-term investment strategies built on over four decades of experience in multifamily real estate.
Topics: apartment_investments multifamily_real_estate private_equity_fund