Griffin Capital Closes $400 Million Opportunity Zone Fund IV for Multifamily and Student Housing in Five States

Griffin Capital Company, LLC announced Oct. 13 that Griffin Capital Qualified Opportunity Zone Fund IV, L.P. has concluded its capital raise with approximately $400 million of investor equity. The fund's portfolio consists of six multifamily and student housing investments across five states, comprising 1,918 units and approximately $787 million of total project cost, the firm said.

One investment is stabilized, four are under construction, and one is expected to begin construction in the first quarter of 2027.

Fund IV Portfolio: Six Rental Housing Investments

Fund IV's investments span markets in Florida, Massachusetts, Arizona, Virginia and Tennessee, including St. Petersburg, Boston, Phoenix, Fredericksburg and Nashville, along with a stabilized student housing investment adjacent to Florida State University in Tallahassee.

Three multifamily communities in the portfolio have been identified by name and unit count: The Henry at Whitney Village in St. Petersburg, Florida (325 units); Hanover Quincy Center in the Boston market (297 units); and The Scottie in Nashville (320 units). Together they account for 942 units, about 49% of the fund's 1,918-unit total. The remaining 976 units are attributable to the Phoenix, Fredericksburg and Florida State University-area investments.

The approximately $787 million of total project cost implies roughly $410,800 per unit. That figure is a blended development-cost measure rather than a purchase price or valuation.

Griffin Capital's Opportunity Zone Track Record

Fund IV is Griffin Capital's fourth consecutive Qualified Opportunity Zone vehicle. The firm said capital formation has been essentially continuous since it launched its first fund in April 2019. Including Fund IV, the four funds have raised more than $2.0 billion of investor equity and have developed, or are developing, 33 multifamily and student housing communities representing approximately 11,400 residential units and $3.9 billion of total project cost.

Across the platform, that equates to approximately $342,000 of project cost per unit, below Fund IV's per-unit figure of roughly $411,000.

Griffin Capital described itself as one of the longest-tenured sponsors in the Qualified Opportunity Zone sector and among the largest sponsors of Opportunity Zone rental housing in the country. That positioning draws on data compiled by Novogradac & Company LLP, which tracked 1,325 QOZ fund managers that had reported equity raised as of February 2026. Novogradac has been engaged by other Griffin Capital-sponsored funds to conduct annual financial statement audits and tax preparation services and is not a third-party rating firm. The comparison should be read as a reported-market ranking rather than an independent league table.

Nick Rosenthal on the Opportunity Zone Strategy

Nick Rosenthal, Co-CEO of Griffin Capital, said the fund's closing reflects investor confidence in the firm's strategy through a challenging market cycle.

"Fund IV's closing reflects the continued confidence our partners and investors have placed in Griffin Capital's Opportunity Zone strategy through a unique and challenging market cycle. Being able to raise and deploy capital across four consecutive funds, including through a period of significant interest rate volatility and diminishing program benefits, speaks to the durability of our investment thesis and our ability to execute independent of the tax benefits the legislation affords our investors," Rosenthal said.

He added that the now-permanent program, the entry point for real estate and the number of investors holding capital gains who remain under-allocated to real assets position the firm to lead "the next generation of Opportunity Zone investing."

On the rental housing thesis, Rosenthal said: "We remain highly constructive on the long-term performance of rental housing, underpinned by structural demand for a necessity-based asset that can't be disintermediated by technology, a receding new-supply pipeline, and the sector's historical resilience through economic cycles." He said Fund IV's portfolio reflects that conviction across fast-growing markets.

Rosenthal also said the firm is looking toward a fifth vehicle under the revised Opportunity Zone framework. "As we look toward a fifth vehicle under the revised Opportunity Zone framework, we are focused on translating that same discipline into the next chapter of the program," he said.

Market Context: Development Exposure and Student Housing

The fund's construction-heavy profile means it carries exposure to labor, materials, interest-rate and lease-up conditions. Four of the six assets are under construction, and one is not scheduled to start until the first quarter of 2027. Griffin Capital's strategy leans on housing demand, development execution and market selection rather than tax incentives alone, as some program benefits have diminished.

The stabilized student housing investment near Florida State University offers one operating asset within a development-focused portfolio. A 2026 industry analysis citing CBRE's 2025 Student Housing Investor Survey placed cap rates for purpose-built student housing near Tier 1 and Tier 2 universities at approximately 4.5% to 5.5%, and reported that well-located new supply routinely exceeded 90% pre-leasing by spring of the delivery year. The same analysis cited rent premiums of roughly 20% to 35% for sites within half a mile of campus compared with properties 1 to 1.5 miles away. Those figures are market-specific and cannot be applied directly to Griffin Capital's asset.

About Griffin Capital

Griffin Capital, founded in 1995, has owned, managed, sponsored or co-sponsored approximately $24.6 billion in assets across a range of real estate sectors and investment vehicle structures, as of June 30, 2026. The firm said its senior executives and employees have co-invested more than $300 million across its platforms.

Its investment team is exclusively focused on rental housing, with strategies targeting multifamily, build-to-rent and student housing. The firm's rental housing portfolio includes 41 communities, comprising over 13,600 rental housing units and 693 student housing beds, representing a total project value exceeding $4.6 billion. That figure includes appraised value for appraised properties, actual cost for completed and stabilized properties, and budgeted total project costs for properties under construction or in pre-development.

Sources

• Griffin Capital press release: Griffin Capital Qualified Opportunity Zone Fund IV, L.P. Successfully Closes its Offering Period with Approximately $400 Million of Investor Equity