Griffin Capital Begins Construction on OZ-Funded Multifamily Project Near Boston
Private real estate manager Griffin Capital Company LLC, together with their joint venture development partner Hanover Company, broke ground on Hanover Quincy Center, a 297-unit multifamily development in Quincy, Mass. This is the company’s 28th property within a federally designated qualified opportunity zone and is financed with proceeds from one of its sponsored OZ funds.
The seven-story community will be situated at the heart of Quincy’s historic city center, offering tenants, according to the company, excellent public transit connectivity and proximity to some of the most desirable retail amenities in the area.
The residential units have high-end finishes and modern community amenities, including a resort-style pool, fitness center, and a structured parking garage with gated access.
Additionally, a specialty grocer will be opening in Quincy on the ground floor of the building, providing residents with a new sense of neighborhood connectivity that is rare in suburban Boston.
“As new housing developments have become increasingly difficult to finance in the Boston [metropolitan statistical area], Hanover Quincy Center will provide a much-needed solution for tenants seeking a class A+ community at an attractive rate relative to comparable properties in Boston’s city limits. This marks our 28th property to commence construction within a designated qualified opportunity zone and our first in the Boston MSA,” said Paul De Martini, chief investment officer of Griffin Capital.
“It also represents our first development joint venture with Hanover, and we are excited to grow our relationship with their highly skilled and experienced team of professionals,” added De Martini.
Construction is now underway, and Hanover Quincy Center anticipates welcoming its first residents by early 2027.
Earlier this spring, AltsWire reported that Griffin Capital had begun construction on a multifamily development in St. Petersburg, Fla., also a qualified opportunity zone. On that project, the company has partnered with Greystar Real Estate Partners.
Griffin Capital also just updated findings from its opportunity zone fund platform economic impact analysis report previously published in 2024. The new report highlighted that the company has generated more than $5.4 billion in direct economic impact from the development and operations of its multifamily properties.
In February, Griffin Capital announced the appointment of Steve Guggenmos to serve as its director of housing market research. The company said Guggenmos enhances its capacity to develop proprietary research tools that forecast market trends and inform strategic investment decisions. He previously held several senior-level roles within Freddie Mac’s Multifamily Research team.
To date, Griffin Capital has raised more than $1.9 billion across its qualified opportunity zone funds and has identified 30 investment opportunities across all portfolios, which comprise over 10,400 apartment units in 21 cities with an estimated $3.6 billion of total project cost.
Griffin Capital Company is a full-service real estate investment and management company. Since 1995, it has owned, managed, sponsored, and/or co-sponsored approximately $23 billion in assets across a wide range of real estate sectors and investment structures. Griffin’s senior executives and employees have co-invested over $300 million in various investment verticals.
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