Griffis Residential announced the final closing of its fourth private equity real estate investment fund, Griffis Premium Apartment Fund IV, with $407 million in capital for investment in high-quality apartments.
To date, Fund IV has acquired four apartment communities comprising 1,475 units in the Austin, Seattle, Denver and Los Angeles metro areas. Fund IV is targeting approximately $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California.
Fund IV will pursue the same investment strategy as its predecessor funds, acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain 200-plus units, and have a total project cost ranging from $50 million to $150 million-plus. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry.
