Denver-based Griffis Residential makes $55 million Texas buy
Dec 2, 2014
Austin Business Journal
Denver-based Griffis Residential has purchased The Orchard a 512-unit apartment complex in Round Rock for $55 million
The name of the Class A complex, located in Round Rock's La Frontera commercial district, will change to Griffis La Frontera
The acquisition brings the number of Class A apartment units owned by Griffis to 5,658. This also marks Griffis' first foray into Texas, with the rest of its properties located in Colorado and Nevada
"Our move into the Austin metro area underscores our commitment to expand into new markets that align with our property portfolio and investment objectives," said David Birnbaum, CEO of Griffis
"Griffis La Frontera is well-positioned to capitalize on significant growth in rental demand due to Austin's abundance of high-quality jobs and its overall appeal to our target resident demographic," he added. "When these positive market dynamics are combined with our proven community management processes and capital improvement program, we have an excellent opportunity to drive results for our investors."