Griffis Residential Launches 7th Value-Add Fund With West Palm Beach Buy
The fund targets $550 million in commitments.
Griffis Residential, a Denver-based multifamily investment firm, has launched Griffis Premium Apartment Fund VII, its seventh value-add fund focusing on underperforming Class A apartment communities in markets with strong demographics and economic fundamentals. Fund VII is targeting $550 million in commitments.
The vehicle has already made its first acquisition—a 263-unit multifamily community in West Palm Beach, Fla., formerly known as Loftin Place. Located at 805 W. Olive Ave., the property was rebranded as Griffis North Olive following the sale.
The property’s most recent owner was Castle Lanterra Properties, which purchased the asset in July 2017 from Cypress Park Development for $63.5 million, according to Yardi Matrix information. Completed in 2016, the property has a mix of one- and two-bedroom units ranging in size from 578 to 1,050 square feet, with an average 828 square feet of space. Rents range from $2,505 to $3,199, the same source reported.
All apartments have in-unit washers and dryers, and units have balconies or patios. Community amenities include a rooftop terrace, a swimming pool, a fitness center, a clubhouse, tennis and pickleball courts, in addition to 367 parking spaces.
Attractive apartment investment opportunities
Ian Griffis, the company’s chairman and CEO said in a prepared statement apartment investment opportunities may be the most attractive the firm has seen in years. While renters are unable to purchase a home, apartment affordability remains remarkably healthy, Griffis said.
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Griffis Residential currently operates a $3.6 billion portfolio of apartment communities in high-growth innovation hubs. The firm’s platform includes approximately 300 associates located in markets such as Dallas, Denver, San Francisco, Los Angeles, Orange County, Calif., San Diego, Seattle, Silicon Valley, Portland, Ore., Austin, Texas and Bethesda, Md.
Fund VI deployed
The launch of the seventh closed-end fund follows the deployment of 95 percent of Fund VI’s capital. The firm stated that Fund VI was used late last year in the off-market acquisition of a 1,421-unit, four-property multifamily portfolio spanning four markets. Two of the assets were in the Dallas area, a third in Orange County, Calif., and the fourth in Seattle, according to the Puget Sound Business Journal. PSBJ reported that the firm acquired a 330-unit, five-story apartment building in Seattle known as The Current for $112.5 million from an affiliate of Stockbridge Capital Group. It has been rebranded as Griffis Shoreline.
The firm held the first closing of Fund VI in April 2022 with $360 million in investor commitments, according to Institutional Real Estate. Remaining commitments, targeting $550 million, were expected by the end of that year. Fund VI was expected to purchase about $1.5 billion in Class A apartment investments over the next three years.
Recent Griffis activity
The company is also active in Pompano Beach, Fla. In January, the firm’s Griffis Residential Income Trust, a core open-end fund, sold Griffis Soco Austin, in Austin, Texas, and acquired Saba, a 144-unit community in Southeast Florida rebranded as Griffis Pompano Beach. Griffis’ portfolio is now comprised of seven assets, including a 225-unit luxury multifamily property purchased in June 2025 at 345 Banyon Blvd. in West Palm Beach that has been rebranded as Griffis West Palm Beach.
Earlier this month, the firm refinanced Griffis Belleview Station, a 238-unit, garden-style community in Denver, with a 7-year-, fixed-rate $40 million loan originated by a life insurance lender. Located at 4400 S. Monaco St. near the Belleview rail station, the property is about 10 miles northwest of downtown Denver.
