Griffis Makes Another Austin-Area Acquisition

AUSTIN—Denver-based Griffis Residential has made yet another Austin-area multifamily acquisition.

The company has purchased Riverton at Davis Springs Apartments, a 312-unit class A community located in the northwest submarket, and will rename it Griffis Parmer Lane. Since November 2014, five of the firm's eight acquisitions have been located in the Austin metro area, bringing the company's Austin portfolio to a total of 1,648 units.

“The property meets all elements of our investment criteria and our process is designed to deliver an enhanced resident experience, which is expected to drive value going forward,” Ian Griffis, Griffis Residential executive chairman, told GlobeSt.com.  

Built in 2003, the community is located on a highly visible 16.5-acre site along the rapidly growing Parmer Lane employment corridor. Griffis Parmer Lane is just minutes from over 6 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-, two- and 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 and fitness center. 

With the Riverton acquisition, Griffis Residential owns and manages approximately 7,000 apartment units in Colorado, Texas, Nevada and Washington.

And Griffis will continue to eye Austin for more opportunities.

“Austin's rising wages make our high-quality apartments more affordable in an environment where we are expanding customer services and investing in property upgrades,” Griffis says.