Griffin Capital raises $585m for Qualified Opportunity Zone Fund II
Griffin Capital Co., a privately held alternative asset manager, has raised more than $585 million of investor equity for its Griffin Capital Qualified Opportunity Zone Fund II. The fund closed in fourth quarter 2021.
On behalf of the fund, Griffin Capital has signed joint venture agreements with seven institutional multifamily developers to construct 12 multifamily communities in 11 distinct qualified opportunity zones (QOZ). The agreement encompasses more than 4,000 residential units and has a total development cost of more than $1.2 billion.
“We are thrilled by the overwhelming response to our QOZ fund offerings from both our partners and investors,” said Kevin Shields, chairman and CEO of Griffin Capital. “Given the current dynamics in the multifamily market and our view of the long-term demand for rental housing in our target markets, we are as confident in our ability to execute our strategy today as we were when we formulated our first QOZ fund in 2019.”