AUSTIN--Griffis Residential, a Denver-based multifamily investment and management firm, has announced that it has acquired The Orchard Apartments in a $55.5 million deal. The 512-unit class A multifamily community is located within La Frontera, a commercial business, retail and housing area in Round Rock.
The Orchard is Griffis Residential's first acquisition in the Austin metro area and is part of a planned market expansion beyond the firm's existing portfolio of premium multifamily communities located in Colorado and Nevada.
”As a natural result of our strong growth in the Denver area, Griffis Residential is creating diversity in its portfolio by adding these markets which contain similar demographic trends of growing renter demand,” Ian Griffis, chairman, told GlobeSt.com.
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