Griffis Residential Closes $207 Million First Close of Premium Apartment Fund VII

Griffis Residential, a vertically integrated multifamily real estate investment manager, announced Oct. 9 the first close of Griffis Premium Apartment Fund VII, securing approximately $207 million in capital commitments. The fund succeeds the $525 million Fund VI and continues the firm's value-add strategy of acquiring multifamily communities in select U.S. markets.

Griffis Premium Apartment Fund VII: Fund Details

Fund VII is focused on acquiring high-quality multifamily communities in markets with favorable demographics, affordability metrics, and improving supply and demand dynamics, according to the announcement. The vehicle targets underperforming Class A communities and has a fundraising target of $550 million, meaning the first close represents roughly 38% of the intended total.

Fund VII follows Fund VI, which has deployed approximately 95% of its capital and included a 1,421-unit, four-property multifamily portfolio acquired off-market across four markets.

"We are grateful for the continued confidence and support of our investors," said Ian Griffis, Chairman and Co-Chief Executive Officer of Griffis Residential. "Our best-in-class operations team has once again protected our partners throughout the current real estate recession. Looking forward, the environment presents an excellent opportunity to acquire Class A multifamily assets at severely discounted prices. Fund VII allows us to build on decades of successful real estate investing, through multiple market cycles, while maintaining the consistent and disciplined approach that has guided our investment strategy since our founding."

First Acquisition: Griffis North Olive in West Palm Beach

Fund VII has already completed its first acquisition, Griffis North Olive, a 263-unit apartment community at 805 North Olive Avenue in West Palm Beach, Florida. The property was formerly known as Loftin Place. Griffis Residential acquired the 2016-vintage community in March 2026 for approximately $104 million, or about $395,000 per unit, at what the firm estimates is a 25% discount to replacement cost.

The property is a single eight-story building with studio, one-bedroom, and two-bedroom apartments. Acquisition financing included a $56.7 million loan from Northmarq Capital that matures in 2036. Property-record reporting identified a sale price of $78.5 million, which differs from the approximately $104 million figure cited by Griffis Residential.

The acquisition expands Griffis Residential's presence in South Florida. The firm said the purchase reflects the fund's strategy of investing in well-located apartment communities with opportunities to create value through targeted improvements and improved management.

Market Context for Value-Add Multifamily Investment

The fund launch comes as multifamily operating conditions have improved while valuations remain below prior highs. A 2026 market summary showed 50.1% of multifamily markets recorded improved absorption in the second quarter, annual rent growth reached 1.8% in July, and national vacancy eased from its early-2026 peak.

Apartment values were 22.3% below their July 2022 peak as of July 2026. The multifamily cap-rate spread over the 10-year Treasury was approximately 118 basis points in the second quarter, compared with a long-term average of roughly 290 basis points.

Griffis Residential Platform

Griffis Residential, based in Denver, currently owns and manages approximately 9,500 units in 13 geographically diverse markets nationwide. The firm operates a $3.6 billion portfolio of institutional-quality apartment communities in high-growth innovation hubs. Its management platform includes about 300 apartment professionals located in Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, Md., Pompano Beach, and West Palm Beach.

The firm says its approach is built on 40 years of its founders' multifamily investment experience. Investors seeking information about upcoming opportunities can contact Investor Relations at 303.268.2121 or ClientServices@GriffisResidential.com.

Sources

• Griffis Residential press release via PR Newswire: Griffis Residential Announces Commencement Closing of Griffis Premium Apartment Fund VII