Griffis Residential Sells 524-Unit Griffis North Creek Apartments in Seattle Metro

Griffis Residential announced the sale of Griffis North Creek, a 524-unit apartment community in the Seattle metropolitan area. The transaction was completed through Griffis Premium Apartment Fund IV.

The Denver-based multifamily owner and operator reported that the investment produced Net Operating Income growth nearly triple the National Council of Real Estate Investment Fiduciaries Property Index for apartments within the respective core-based statistical area. The company attributed this performance to its investment approach and operational execution.

Jim DiRienzo, Senior Vice President of Investments, stated, "Despite elevated supply and rising interest rates, we have continued to successfully harvest investments and deliver strong outcomes for our investors. Our disciplined approach to fixed-rate, long-term, low leverage has provided stability through a challenging market environment, while our vertically integrated management platform, refined over 40 years, has enabled us to create operational alpha, maintain stability, and continue delivering successful results."

According to the company, targeted capital improvements and operational initiatives at Griffis North Creek drove 50% NOI growth while improving resident satisfaction scores during the holding period.

Griffis Residential operates a $3.8 billion portfolio of apartment communities across 13 markets coast to coast. The company describes its focus as institutional-quality properties in high-growth innovation hubs.

The firm's management platform includes approximately 300 apartment professionals located in Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, San Diego, and West Palm Beach. The company maintains a vertically integrated structure covering both ownership and operations.

The sale represents a harvest of Fund IV holdings in the Seattle market. The company did not disclose the sale price or the identity of the buyer in its announcement.