Griffis Residential announced the completion of the first closing of its sixth closed-end private-equity fund, Griffis Premium Apartment Fund VI, with $360 million in investor commitments. The remaining commitments for Fund VI, which target a total of $550 million, are expected by year end. About 99 percent of the committed capital at the first closing was from repeat investors.
“We are very pleased with the strong support for Fund VI from our long-standing investors,” said Andy Stenovec, executive vice president of capital markets. “Robust demand early in the process indicates our $550 million target is well within reach.”
Once fully committed, Fund VI is expected to purchase $1.5 billion in class-A apartment assets during the next three years.
As with Griffis Residential’s prior funds, Fund VI will invest in high-quality apartment communities in select markets. The key pillars of the Griffis Residential investment process include improved operating e