Key Takeaways
- • Griffis Residential has held the first close of Griffis Premium Apartment Fund VII with approximately $207 million in capital commitments.
- • Fund VII continues the firm's value-add strategy of acquiring high-quality multifamily communities in select U.S. markets with favorable demographics and affordability metrics.
- • Chairman and co-CEO Ian Griffis says the current real estate downturn presents an opportunity to acquire Class A multifamily assets at steeply discounted prices.
- • The raise is the seventh apartment investment fund for the Salt Lake City-based sponsor, according to Weekly Real Estate News coverage.
Summary
Griffis Residential has completed the first close of Griffis Premium Apartment Fund VII, securing approximately $207 million in capital commitments, according to Institutional Real Estate, Inc. The fund will pursue the firm's value-add investment strategy, focused on acquiring high-quality multifamily communities in select U.S. markets with favorable demographics, affordability metrics, and improving supply and demand dynamics.
Ian Griffis, chairman and co-CEO of Griffis Residential, said the firm was grateful for the continued confidence of its investors. He credited the firm's operations team with protecting partners through the current real estate recession and said the environment presents an excellent opportunity to acquire Class A multifamily assets at severely discounted prices. He positioned Fund VII as a way to build on decades of real estate investing across multiple market cycles, maintaining a consistent and disciplined approach.
The first close figure is reported as approximate, and the source material does not provide a final fund target, investor breakdown, or deployment timeline. Coverage from Weekly Real Estate News describes the raise as the firm's seventh apartment investment fund.
Ian Griffis, chairman and co-CEO of Griffis Residential, said the firm was grateful for the continued confidence of its investors. He credited the firm's operations team with protecting partners through the current real estate recession and said the environment presents an excellent opportunity to acquire Class A multifamily assets at severely discounted prices. He positioned Fund VII as a way to build on decades of real estate investing across multiple market cycles, maintaining a consistent and disciplined approach.
The first close figure is reported as approximate, and the source material does not provide a final fund target, investor breakdown, or deployment timeline. Coverage from Weekly Real Estate News describes the raise as the firm's seventh apartment investment fund.
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