Griffis Makes Another Multifamily Acquisition

AUSTIN—Denver-based Griffis Residential has acquired Talavera Apartments, a 232-unit class A multifamily community in the northwest submarket.

It is the firm's third acquisition in the Austin metro area following the acquisition of a total 808 apartment units in November 2014 and in January.

“Griffis Lakeline Station is a high-quality asset that is well located near major northwest Austin high-technology and online employers as well as major retail amenities including Lakeline Mall,” Jim DiRienzo, vice president of acquisitions at Griffis Residential, told GlobeSt.com.

With the acquisition, Talavera Apartments has been renamed Griffis Lakeline Station. Built in 2001, it is located on a 12-acre site; the garden-style property offers eight floor plans, from one to three bedrooms, ranging in size from 692 to 1,436 square feet. The community features high-end amenities including a clubhouse, business center, fitness center, a multi-level pool with spa, as well as gated access, carports and direct-access garages.

And it appears Griffis' interest in Austin is only piqued with the transaction.

“Our expansion in Austin is motivated by the area's strong technology job growth, which is helping drive apartment demand and rent growth,” said Griffis Residential executive chairman Ian Griffis said in a release. “As we remain open to additional opportunities in Austin, we plan to continue to expand and diversify our portfolio in areas that exhibit the positive economic forces and demographic trends that align with our investment strategy.”