JLL Arranges $86.05M Agency Financing for Griffis Residential's 400-Unit Denver Multifamily Community
JLL Capital Markets has arranged $86.05 million in five-year senior agency financing for Griffis Union Station, a 400-unit, Class A multifamily community located at 2905 Inca St. in Downtown Denver, Colorado, the firm announced Sept. 29, 2026.
JLL placed the loan on behalf of the borrower, Griffis Residential, a privately held, vertically integrated multifamily real estate investment and management company headquartered in Greenwood Village, Colorado.
Property and Loan Details
Completed in 2010, Griffis Union Station rises five stories on a 4.95-acre site and offers one- and two-bedroom apartments averaging 918 square feet each, for an implied rentable area of approximately 367,200 square feet across the 400 units. The loan implies financing of roughly $215,125 per unit.
A portion of the units have been renovated and feature new countertops, backsplashes, stainless-steel appliances and improved lighting. Community amenities include a fitness center, resort-style pool, clubhouse, resident lounge, business center, grilling stations, game room, dog park and pet-washing station.
The property sits within walking distance of Union Station, Denver's central transportation hub, which provides connectivity to the broader metro area, including Denver International Airport. Residents also have direct access to Interstate 25, offering commute options to the Denver Tech Center, Boulder and the broader Front Range corridor. The location places the property near the LoDo, Ballpark District and RiNo Arts District neighborhoods.
JLL Team
The JLL Capital Markets Debt Advisory team representing Griffis Residential was led by Senior Managing Director Eric Tupler, Senior Director Kevin Barron and Director Jake Martin.
JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. The group's services include investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory.
Denver Multifamily Market Context
The financing arrives as Denver's multifamily market navigates a period of elevated supply and shifting fundamentals. Vacancy in the metro declined from 6.84% in the first quarter of 2026 to 5.74% in the second quarter, supported by stronger leasing activity, though other market datasets have recorded vacancy figures as high as 10.4% as of August 2026, reflecting variation by methodology, geography and property classification.
Supply pressure remains a defining factor. Approximately 4,800 units were expected to deliver during the remainder of 2026, with nearly 13,000 additional units slated for completion in 2027. Asking rents were down approximately 1.6% year over year as of mid-2026, averaging around $1,820 per unit per month across the metro. Against that backdrop, well-located, amenitized assets in central Denver submarkets have generally maintained stronger operating profiles than properties in peripheral locations.
Denver Class A multifamily assets were trading at cap rates in the mid-4% to low-5% range on transactions exceeding $100 million during 2026, compared with mid-3% to low-4% levels during the 2021–2022 peak, illustrating the repricing that has occurred across the sector.
JLL's capital markets business reported strong second-quarter 2026 performance, with total revenue increasing 11% to $6.9 billion and Advisory revenue rising 21% in local currency. Within Capital Markets Services, Investment Sales, Debt/Equity Advisory and related businesses increased 25%, excluding noncash mortgage-servicing-rights and mortgage-banking derivative activity.
About Griffis Residential
Griffis Residential was founded in 2004 and owns and manages apartment communities across Colorado, Texas, California, Oregon and Washington. The company operates as a vertically integrated platform, handling both investment and property management functions internally.
JLL (NYSE: JLL) reported annual revenue of $26.1 billion and a global workforce of more than 112,000 as of June 30, 2026, with operations in over 80 countries.
Sources
JLL Newsroom — $86.05M Agency Financing Arranged for Downtown Denver Multifamily Community