Griffis Residential Acquires 512-Unit Premium Multifamily Community in Austin
- Dec 08, 2014
Denver-based multifamily investment and management firm Griffis Residential announced the acquisition of Class A multifamily community, The Orchard Apartments. Post-acquisition, the complex has been renamed Griffis La Frontera to convey with the company’s persistent brand excellence and its location in the La Frontera commercial park.
Griffis La Frontera was built in 1997. The 512-unit community offers one-, two-, and three-bedroom apartments ranging in size from 640 square feet to 1030 square feet. Amenities include resort-style swimming pools and spas with Wi-Fi and private cabanas, outdoor kitchen and fire pit, multiple barbeque grills with picnic areas, fitness center, 26 acres of private jogging trails, outdoor basketball and tennis courts, sand volleyball court, car care center, and laundry center.
The cost of the transaction was $55.5 million. With this purchase Griffis Residential owns and manages 5,658 Class A multifamily units. The new owner plans to invest more than $4 million in community and apartment unit upgrades as part of its targeted capital improvement program.
The community is the first acquisition in the Austin metro area, but is part of expansion plans beyond the firm’s existing portfolio of premium multifamily communities located in Colorado and Nevada.
“Our move into the Austin metro area underscores our commitment to expand into new markets that align with our property portfolio and investment objectives,” says Griffis Residential CEO David Birnbaum. “Griffis La Frontera is well positioned to capitalize on significant growth in rental demand due to Austin’s abundance of high quality jobs and its overall appeal to our target resident demographic. When these positive market dynamics are combined with our proven community management processes and capital improvement program, we have an excellent opportunity to drive results for our investors.”