Griffin Capital OZ Fund Completes Construction on Tenn. Multifamily Community
Private real estate investment manager Griffin Capital Company has completed construction on a 292-unit apartment community in Madison, Tenn., a growing submarket within the Nashville metro area.
Station A is a community within Griffin Capital Qualified Opportunity Zone Fund II, L.P., which closed in the fourth quarter of 2021 after raising more than $585 million of investor equity.
The four-story apartment community features a variety of floor plans, including studios, one-, two-, and three-bedroom units. The community offers an array of modern amenities with more than 19,000 square feet of indoor and outdoor spaces, featuring a resort-style pool, a podcast studio, a dog park, and a state-of-the-art fitness center, all designed to cater to the diverse needs of its residents.
“We are thrilled to introduce Station A, a thoughtfully designed community that meets the increasing demand for quality housing in a high-growth area of Madison,” commented Paul De Martini, chief investment officer at Griffin Capital. “With Nashville’s influx of corporations, which has helped the local economy grow at a pace well above the national average, this community addresses a critical housing need. We are grateful to our investors, the city of Madison, and to our partners for their assistance in bringing this project to life.”
The community is located within the Madison/Rivergate submarket northeast of Downtown Nashville, along Gallatin Pike, a major north-south thoroughfare through East Nashville, providing access to all parts of the Nashville submarket. Many of the surrounding neighborhoods have attracted attention from residents and visitors in recent years as a haven for artists, musicians, restaurants, cafes, and retail.
To date, Griffin Capital has raised approximately $2 billion across its qualified opportunity zone funds and currently manages a combined portfolio of 32 multifamily communities in various stages of construction, leasing, and operations. This represents over 10,900 units with an estimated total portfolio value of $3.9 billion.
Last month, the company announced the expansion of the Griffin Residential Investment Platform with the formation of Griffin Capital Residential Partners LLC, a dedicated build-to-rent division focused on the acquisition, development, and operation of purpose-built rental communities across high-growth U.S. markets. Integrating BTR investment expertise and capabilities into Griffin Capital’s substantial existing rental housing platform broadens the firm’s strategy for investors across the rental housing continuum.
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 $24 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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