Inside Griffis Residential’s Acquisition Strategy
- Jun 15, 2015
Austin, Texas—Denver-based Griffis Residential has made its third acquisition since November in the Austin, Texas, metropolitan area. It has acquired the 232-unit, Class A Talavera Apartments, situated in Austin’s northwest quadrant.
Since renamed Griffis Lakeline Station, the 14-year-old property spreads across a visually prominent 12-acre parcel in northwest Austin’s swiftly expanding SH-45 job corridor. Not only does Griffis Lakeline Station enjoy direct access from the SH-45 frontage road, but it also offers quick, convenient access to the Lakeline MetroRail station and the 1.1-million-square-foot Lakeline Mall.
“Griffis Residential does not try to time the markets,” the company’s executive chairman Ian Griffis told MHN. “We are long-term investors who employ strategies to reduce risk during down market cycles. The firm is actively purchasing properties in our four primary markets, which include Denver, Seattle, Austin and Las Vegas. Talavera is located in a very dynamic submarket that is enjoying robust job and wage growth. We consider Austin a ‘center of innovation,’ and expect continuing population growth among households that rent a majority of the time. Rising wages in the area are also helping with affordability.”
Eight floor plans ranging from one to three-bedroom configurations are offered at the garden-style apartment community. They extend from 692 to 1,436 square feet in size. A clubhouse, business center, fitness center and multi-tiered pool with spa are among the most notable amenities. Residents also appreciate gated entry, carports and direct-access garages.
Talavera was purchased on schedule and at the originally agreed-upon purchase price, Griffis says. “There were no issues or obstacles in completing the transaction,” he added. “Working with an experienced broker, Charles Cirar, was very helpful and ensured a smooth closing process.”
Griffis Residential is an asset-class specialist that operates the more than 6,000 Class A apartments it owns in Colorado, Nevada and Texas, enabling the company to put management best practices to work at its properties to drive significant improvements in the resident experience, Griffis said.
“We’ve built our business on the basic belief that if we cultivate a guest-centered experience, a residence becomes a home and our communities thrive,” he added. “As part of our capital improvement program at Griffis Lakeline Station, we plan to upgrade apartment units, redesign the clubhouse, and upgrade the pool areas and community grounds. When combined with a committed staff of highly-trained Griffis Residential managers and associates, potential and existing residents alike get a sense [of] our strong underlying commitment to creating the highest-quality guest experience possible.”
According to the company, the name change to Griffis Lakeline Station underscores Griffis Residential’s dedication to delivering the company’s elevated resident standards at its newly acquired community.