Griffin Capital Closes Fourth Opportunity Zone Fund at $400 Million

Griffin Capital Company has closed the capital raise for Griffin Capital Qualified Opportunity Zone Fund IV, L.P., its fourth qualified opportunity zone fund, after raising about $400 million of investor equity, the company said.

The fund holds six multifamily and student housing investments across five states, with 1,918 units and about $787 million in total project cost, according to Griffin Capital. One investment is stabilized, four are under construction, and one is expected to start construction in the first quarter of 2027.

The portfolio includes projects in St. Petersburg, Fla.; Boston; Phoenix; Fredericksburg, Va.; and Nashville, Tenn., along with a stabilized student housing property next to Florida State University in Tallahassee.

Fund IV is a private placement with a $150,000 minimum investment. It began selling interests in February 2024 with a $500 million offering amount. As of January 2026, the fund had raised $342 million from 614 investors.

Griffin Capital launched its first opportunity zone fund in 2019 with a $275 million target. That fund reached $370 million by June 2020 and closed that September with about $460 million in equity. The firm launched a second fund in October 2020, which closed with more than $585 million in late 2021. The third fund closed in March 2024 with about $586 million. In August, Griffin Capital completed two Fund III communities in Charlottesville, Va., and Charlotte, N.C.

Across the four funds, Griffin Capital has raised more than $2 billion of investor equity, the company said. It has developed, or is developing, 33 multifamily and student housing communities with about 11,400 units and $3.9 billion in total project cost. When Fund III closed, the firm reported 27 communities, about 9,500 units, and $3.1 billion in development cost. A 2025 economic impact report for the funds, released by Griffin Capital, estimated more than $7.5 billion in total economic impact.

Griffin Capital said the activity puts it among the largest sponsors of opportunity zone rental housing in the country. It cited data from Novogradac & Co. LLP, which tracks the 1,325 opportunity zone fund managers that had reported equity raised as of February 2026. According to the company, other funds sponsored by Griffin Capital have hired Novogradac for annual financial statement audits and tax preparation.

“Being able to raise and deploy capital across four consecutive funds, including through a period of significant interest rate volatility and diminishing program benefits, speaks to the durability of our investment thesis and our ability to execute independent of the tax benefits the legislation affords our investors,” said Griffin Capital co-chief executive officer Nick Rosenthal, who was promoted to the role in 2023.

Rosenthal said three things position the firm to lead the next generation of opportunity zone investing: the now-permanent program, an attractive entry point for real estate, and the number of investors with capital gains who remain under-allocated to real assets. He said the firm is looking toward a fifth fund under the revised framework.

The One Big Beautiful Bill Act, signed in July 2025, made the opportunity zone program permanent. The new framework takes effect Jan. 1, 2027, and adds a rolling five-year deferral period and a 10% basis step-up, or 30% for rural funds. Rosenthal described those changes in a February guest contributor piece for AltsWire.

Griffin Capital was founded in 1995. It has owned, managed, sponsored, or co-sponsored about $24.6 billion in assets, the company said. According to the firm, its investment team now focuses only on multifamily, build-to-rent, and student housing. As of June 30, its rental housing portfolio included 41 communities with more than 13,600 units and 693 student housing beds, totaling more than $4.6 billion in project value. Apollo acquired Griffin Capital’s U.S. asset management business in 2022.

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