The fund has already executed its first transaction, purchasing the 263-unit Griffis North Olive community in West Palm Beach, Florida. Acquired in March 2026 for $104 million, the property was secured at an estimated 25% discount to its replacement cost. This acquisition aligns with the firm’s broader mandate to target well-positioned apartment communities where value can be unlocked through operational enhancements and management improvements.
Griffis Residential Raises $207 Million for New Multifamily Fund
With $207 million in initial capital commitments, Denver-based Griffis Residential has launched its seventh premium apartment fund. The move signals a strategic push to acquire high-quality multifamily assets at significant discounts, leveraging the firm’s four-decade track record to navigate the current real estate market’s ongoing volatility.
Chairman and co-CEO Ian Griffis credits the firm’s ability to protect partner interests during the recent real estate recession as a driver for the new capital. With a portfolio currently spanning 9,500 units across 13 markets, the firm intends to continue its disciplined investment approach, focusing on regions with strong demographic growth and favorable supply-demand dynamics. The new fund succeeds the $525 million Fund VI, maintaining the company's vertically integrated model that manages a $3.6 billion portfolio.
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