Griffin Capital Completes 557 Multifamily Units Across Charlotte and Charlottesville in Opportunity Zone Fund III

Griffin Capital has completed construction of two multifamily communities totaling 557 units — Cavella in Charlotte, N.C., and The Arrowood in Charlottesville, Va. — both held within Griffin Capital Qualified Opportunity Zone Fund III, L.P. The firm announced the milestone on Aug. 26, 2026, marking a significant addition to its rental housing portfolio across two of the Southeast's closely watched apartment markets.

Cavella: 307 Units in Charlotte's North End

Cavella is a five-story, 307-unit apartment community located at 2222 N. Tryon St. in Charlotte's North End submarket, positioned between Uptown and University City. The unit mix spans studios, one-bedrooms, and two-bedrooms, with 64 studios, 157 one-bedroom units, and 86 two-bedroom units ranging from approximately 538 to 1,289 square feet. Amenities include a resort-style pool, fitness center, clubroom, co-working club with private offices, and a podcast studio — offerings the firm describes as targeted toward Charlotte's growing base of young professionals.

The property sits along the LYNX Blue Line, providing rail access to Uptown Charlotte — home to roughly 130,000 daily workers and multiple Fortune 500 headquarters — and to University City, anchored by UNC Charlotte. The North End has transitioned from an industrial corridor into a mixed-use district, with adaptive-reuse projects such as the approximately one-million-square-foot Camp North End and Optimist Hall drawing employers including Duke Energy, Ally Financial, and Centene. Bozzuto serves as property manager, with Fairfield credited with development and construction roles. As of mid-2026, Cavella is in early lease-up.

The Arrowood: 250 Units in Charlottesville

The Arrowood is a garden-style, 250-unit apartment community located at 4010 Entrada Dr. in Charlottesville, Va. The development comprises seven residential buildings and a standalone clubhouse, with a unit mix ranging from studios to three-bedroom floor plans. Community amenities include a fitness center, resort-style pool, and communal gathering spaces.

Charlottesville's economy is anchored by the University of Virginia, which enrolls roughly 26,000 students and supports more than 17,000 faculty and staff. The university is the region's largest employer and has been expanding its medical research and hospital operations. The market's unemployment rate has historically tracked below the Virginia average. AstraZeneca has broken ground on a $4.5 billion facility less than 15 minutes from The Arrowood that is expected to create 3,600 jobs, adding a near-term demand catalyst for the submarket.

Opportunity Zone Fund III and Griffin Capital's Broader Platform

Both communities are assets of Griffin Capital Qualified Opportunity Zone Fund III, L.P., one of four Opportunity Zone funds the firm has raised since 2019. Across those four vehicles, Griffin Capital reports raising approximately $2.0 billion in equity, targeting multifamily, build-to-rent, and student housing in high-growth markets.

The firm's rental housing portfolio now spans 41 communities comprising more than 13,600 rental units and 693 student housing beds, with a total project value exceeding $4.6 billion, including assets in various stages of development. Since its founding in 1995, Griffin Capital has owned, managed, sponsored, or co-sponsored approximately $24.6 billion in assets. The firm's senior executives and employees have co-invested more than $300 million across its investment platforms.

Executive Commentary

"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. "We are thankful to have the opportunity to impact communities for a long time to come by creating housing infrastructure while delivering for our stakeholders."

Market Context

Charlotte has been among the fastest-growing large metros in the U.S. over the past decade, supported by a diversified economy spanning financial services, energy, healthcare, logistics, and technology-adjacent sectors. The city's cost of living runs nearly 30% below that of the five largest East Coast metros, a dynamic the firm cites as a continued driver of in-migration and renter demand.

Charlottesville's combination of a large university employer, a below-average unemployment rate, and a highly educated workforce has historically provided stability in the local rental market. The addition of AstraZeneca's planned facility represents a material expansion of the area's employment base beyond the university sector.

Sources: Griffin Capital press release, Aug. 26, 2026