{"id":2914,"date":"2018-01-18T04:20:13","date_gmt":"2018-01-18T04:20:13","guid":{"rendered":"https:\/\/52.10.1.109\/?p=2914"},"modified":"2018-01-31T14:11:42","modified_gmt":"2018-01-31T21:11:42","slug":"griffis-residential-launches-407-million-real-estate-investment-fund","status":"publish","type":"post","link":"https:\/\/thecoloradostatesman.com\/?p=2914","title":{"rendered":"Griffis Residential launches $407 million real estate investment fund"},"content":{"rendered":"<p class=\"p3\"><span class=\"s2\">Greenwood Village-based Griffis Residential, an investment and apartment-management firm, has announced its fourth private-equity real estate investment fund, Griffis Premium Apartment Fund IV, a $407 million in investment in high-quality apartments. <\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">The added investment has allowed the company to add four additional apartment communities, totaling 1,475 units, in the Austin, Seattle, Denver and Los Angeles metro areas. <\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">Located at 6400 S. Fiddlers Green Circle in Greenwood Village, the company now manages 8,000 apartment properties, valued at $1.7 billion, primarily in Colorado, Texas, Washington, Oregon and California. The company has aggressive acquisition goals. The new Fund IV will continue to add properties, targeting approximately $1 billion in multifamily apartment investments.<\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">\u201cThe successful completion of Fund IV was made possible by the ongoing support of many longstanding investors, some of whom have invested with Griffis for over 30 years,\u201d said Ian Griffis, chairman and co-CEO. \u201cWe are pleased to have our first discretionary commitments from institutional investors which include prominent endowments and pension funds.\u201d<\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">The company focuses on newer construction apartment complexes, typically of 200 units or more, ranging in project cost from $50 million to $150 million. The company uses demographic targeting to select its markets, typically focusing on apartment markets with above-average wage growth and rapid industry and job expansion. <\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">\u201cWe are highly selective with regard to the transactions we pursue and are pleased with a robust apartment pipeline that continues to provide opportunities to generate a healthy near-term yield with additional upside through the Griffis Residential value-add formula,\u201d said David Birnbaum, co-CEO. <\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">The vertically integrated multifamily real estate investment firm owns and self-manages its Class-A apartment units with a staff of about 250 employees. Its Colorado apartment properties include the Griffis Belleview Station and Griffis Fitzsimons South. <\/span><\/p>\n<p class=\"p3\"><span class=\"s2\">griffisresidential.com.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greenwood Village-based Griffis Residential, an investment and apartment-management firm, has announced its fourth private-equity real estate investment fund, Griffis Premium Apartment Fund IV, a $407 million in investment in high-quality apartments. The added investment has allowed the company to add four additional apartment communities, totaling 1,475 units, in the Austin, Seattle, Denver and Los Angeles &hellip;<\/p>\n","protected":false},"author":3,"featured_media":3790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,9],"tags":[],"class_list":["post-2914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"_links":{"self":[{"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/posts\/2914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2914"}],"version-history":[{"count":0,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/posts\/2914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=\/wp\/v2\/media\/3790"}],"wp:attachment":[{"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecoloradostatesman.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}