Griffis Closes Third Fund with $250M-Plus

DENVER—Griffis Residential, a Denver-based multifamily investment and management firm, has finished the final closing of its third private real estate investment fund (Fund III). The fund has successfully raised over $250 million in capital for investment in high-quality apartments by thefFund and affiliates. To date, Fund III has acquired five apartment communities comprising 1,512 units in the Austin and Denver metro areas, and currently has additional assets under contract including its first pending acquisition in the Seattle metro area.

"We are very pleased with the strong support for Fund III from our long-standing investors as well as the significant participation from new investors," said Ian Griffis, executive chairman and co-founder of Griffis Residential. "Acquisitions in Fund III are off to a strong start and our dedicated acquisitions team is working diligently to identify new assets that meet our highly-focused investment strategy.”

Fund III investments are based on a "core plus" investment thesis – investing in high quality apartment communities that will benefit from operational and capital improvements. Target assets are typically of recent vintage, contain 150+ units, and have a total project cost ranging from $30m - $100+m. Acquisitions in Fund III are focused on markets where there are a combination of favorable supply/demand dynamics, attractive demographics, appealing lifestyles, and sound economic fundamentals.

Griffis Residential is a multifamily real estate investment firm that owns and manages more than 6,000 class-A apartment units in Colorado, Nevada and Texas. Headed by Ian Griffis, David Birnbaum, and Tom Barta, Griffis Residential focuses on balancing an aggressive expansion strategy with a superior guest experience for its residents.