Griffis Residential Closes First $207 Million for Fund VII, Acquires 263-Unit Property in West Palm Beach

Griffis Residential, a vertically integrated multifamily real estate investment manager, announced the first close of Griffis Premium Apartment Fund VII, securing approximately $207 million in capital commitments.

According to the company, Fund VII continues its value-add investment strategy focused on acquiring multifamily communities in select U.S. markets with favorable demographics, affordability metrics, and improving supply and demand dynamics.

"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."

The fund has completed its first acquisition, Griffis North Olive, a 263-unit apartment community in West Palm Beach, Florida. The company acquired the property in March 2026 for approximately $104 million. The 2016-vintage community was purchased at an estimated 25% discount to replacement cost, according to the announcement.

The acquisition expands Griffis Residential's presence in South Florida and reflects the fund's strategy of investing in apartment communities with the opportunity to create value through targeted improvements and improved management.

Griffis Residential currently owns and manages approximately 9,500 units in 13 geographically diverse markets nationwide.