Griffin Capital closes first opportunity zone land acquisition in Colorado

Griffin Capital Co. with Legacy Partners has closed on the joint venture’s first multifamily development site in a qualified opportunity zone.

Kevin Shields, chairman and CEO of Griffin Capital, stated, “We could not be more thrilled to acquire our first QOZ land parcel and commence development. We have assembled an outstanding group of best-in-class multifamily development partners with seven great properties, all but one of which were in the respective developer’s forward pipeline prior to the OZ legislation having been finalized; these opportunities were culled from over $3 billion of potential investment opportunities underwritten by our real estate team.”

The land is located at 1363 N. Victor Street in Aurora, Colo., a 4.52-acre site upon which Griffin Capital and Legacy will develop a five-story, 363-unit multifamily community named Legacy at Fitz. The site is adjacent to the Fitzsimons Medical Center, the largest concentration of medical facilities in th