Griffin Capital JV Completes Phase II of Colorado Project
Legacy at Fitz is one of nine communities being developed within an opportunity zone.
Alternative investment asset manager Griffin Capital Co. LLC, along with joint venture partner and privately-held national real estate firm Legacy Partners, has unveiled the second and final phase of Legacy at Fitz in Aurora, Colo. The 363-unit multifamily community is situated across the street from Fitzsimons Medical Center.
Legacy at Fitz is one of nine communities being developed by Griffin Capital Qualified Opportunity Zone Fund L.P. Across those nine projects, total residences are 3,273 units. Estimated total project cost of the nine properties is $985.8 million. Griffin Capital successfully raised $1.1 billion in its closed Opportunity Zone Fund offerings.
They are Griffin Capital Qualified Opportunity Zone L.P. and Griffin Capital Qualified Opportunity Zone Fund II, L.P. The firm identified 21 investment opportunities across both portfolios, which comprise 7,340 units in 17 cities. Total project cost is $2.3 billion.
Situated at 1363 N. Victor St. and featuring a five-story building with 109 residences and two townhome buildings, Phase I of Legacy at Fitz opened in May of last year.
Phase II will introduce 245 new residences, and feature a clubhouse with a fully functional kitchen, billiards, private video games and screening room. The design of the property aims to appear to a broad spectrum of residents, from Denverites seeking affordability to prospects who reside and are employed in the vicinity of the Anschutz Medical School.
The architectural firm of record on Legacy at Fitz is Davis Partnership.
The multifamily community is situated minutes from Denver International Airport, and is approximately 1 mile from an RTD light rail station. Two months ago, Legacy Partners secured a $106 million loan for another Denver-area project, Araceli DTC.