Capital City Lures Denver Investor Again
- Sep 03, 2015
Denver-based Griffis Residential can’t seem to get enough of Austin. The state capital has attracted six of the firm’s nine acquisitions since November 2014, including Griffis’ latest pickup, the newly renamed Griffis Parmer Lane in northwest Austin.
Formerly known as Riverton at Davis Springs Apartments, Griffis’ latest acquisition is located near State Highway 45 along the Parmer Lane corridor. The 312-unit Class A community expands Griffis’ local portfolio to 1,648 units. Financial terms of the transaction were not disclosed.
Griffis Parmer Lane is a few minutes’ drive from more than six million square feet of office space, and less than a mile from the Lakeline MetroRail and Capital Metro Express Bus service.
“Austin is a prime metro area for the expansion of our multifamily portfolio due to its highly educated workforce and history of innovation leadership,” said Ian Griffis, the firm’s executive chairman, in a statement. “Technology jobs drive wage growth and a host of other employment opportunities, which fuels demand for quality rental housing and drives long-term rent growth.”
The garden-style property was built in 2003 on a 16.5-acre site. Griffis Parmer Lane consists of one-, two- and three-bedroom units with nine-foot ceilings with crown moldings, large patios or balconies. Apartments range in size from 590 square feet to 1,230 square feet. Community amenities include two swimming pools and spa, barbecue area with grills, outdoor fire pit, jogging trail, sand volleyball court, fitness center, business center, illuminated dog park, and car care center.