Griffin Capital Finishes Multifamily OZ Projects in Virginia, North Carolina

Griffin Capital Company said it has completed construction on two multifamily communities within Griffin Capital Qualified Opportunity Zone Fund III: The Arrowood, a 250-unit apartment community in Charlottesville, Va.; and Cavella, a 307-unit, five-story apartment community in Charlotte, N.C.

Griffin Capital is a real estate investment manager focused on multifamily, build-to-rent, and student housing. Since 2019, the company has raised approximately $2 billion in equity across four qualified opportunity zone funds to invest in rental housing in high-growth markets, according to the company.

The Arrowood is a garden-style community with seven residential buildings and units ranging from studios to three-bedroom floor plans. The property includes a separate clubhouse building with a fitness center, a pool, and communal gathering spaces, Griffin Capital said.

The company pointed to Charlottesville’s economy as a driver of the investment, citing the University of Virginia as the region’s largest employer and a source of consistent job and population growth. UVA enrolls roughly 26,000 students and supports more than 17,000 faculty and staff, according to Griffin Capital. The company also cited AstraZeneca’s groundbreaking on a $4.5 billion facility less than 15 minutes from The Arrowood that is expected to create 3,600 jobs.

Cavella offers studio through two-bedroom floor plans and amenities including a pool, a fitness center, a coworking club with private offices, and a podcast studio, according to Griffin Capital. The property sits in Charlotte’s North End, between the Uptown and University City employment districts, both accessible via the LYNX Blue Line light rail, the company said. Uptown has roughly 130,000 daily workers and multiple Fortune 500 headquarters, while University City is anchored by the University of North Carolina at Charlotte, according to the firm.

Griffin Capital said the North End, once an industrial corridor, has drawn employers including Duke Energy, Ally Financial, and Centene, along with adaptive-reuse developments such as the one-million-square-foot Camp North End and Optimist Hall. The company also cited Charlotte’s cost of living, which it said is nearly 30% below that of the five largest East Coast metros.

“The Arrowood and Cavella represent two distinct but equally durable investment theses: Charlottesville’s university-anchored economy delivers a stability few markets can match, while Charlotte’s employment growth and affordability continue to draw new residents at scale,” said Paul De Martini, chief investment officer at Griffin Capital. “Both give us confidence in the long-term fundamentals underpinning these communities.”

“We are excited to bring both The Arrowood and Cavella to construction completion and want to thank our investors, partners, and the many talented trades that collectively created this housing for future residents,” said Nick Rosenthal, co-chief executive officer at Griffin Capital.

Previously reported by AltsWire in March, Griffin Capital acquired and broke ground on University Parkway, a 345-unit multifamily development near Atlanta in Gwinnett County, Georgia. University Parkway is planned as a garden-style multifamily community with three- and four-story buildings.

Founded in 1995, Griffin Capital has owned, managed, sponsored, or co-sponsored approximately $24.6 billion in real estate assets, the company said. Its senior executives and employees have co-invested more than $300 million across its investment platforms. As of June 30, the firm’s rental housing portfolio included 41 communities totaling more than 13,600 rental housing units and 693 student housing beds, representing a total project value exceeding $4.6 billion, including estimated costs for assets under construction.

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