Denver M-F Player Raises Profile in Lone Star State
- Jun 12, 2015
By Ioana Neamt, Associate Editor
Colorado’s No. 2 institutional multi-family owner is raising its profile in the Lone Star State.
Griffis Residential recently grabbed its third property in metropolitan Austin with the purchase of the 232-unit Talavera Apartments. The Denver-based company also operates the Griffis Canyon Creek and Griffis La Frontera apartment communities in the metro.
Rebranded Griffis Lakeline Station by its new owners, the 14-year-old Class A community is located on a 12-acre site in northwest Austin’s SH-45 employment corridor. The garden-style community offers access to the Lakeline MetroRail station and the Lakeline Mall.
“Our expansion in Austin is motivated by the area’s strong technology job growth, which is helping drive apartment demand and rent growth,” said Griffis Executive Chairman Ian Griffis in a statement. “As we remain open to additional opportunities in Austin, we plan to continue to expand and diversify our portfolio in areas that exhibit the positive economic forces and demographic trends that align with our investment strategy,” he added.
The company is a major player in the Colorado multi-family market. Recent deals in its home state include the purchase of a 264-unit apartment community in Westminster, the sale of a 314-unit community in Colorado Springs, as well as the acquisition of another 208-unit apartment community in Lafayette. Griffis currently owns and operates a total of 6,198 apartment units in Colorado, Texas and Nevada.
Image courtesy of Griffis Residential