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.

In addition, the company has renamed the community. Griffis La Frontera will reflect “brand excellence, impeccable customer service and its prime location in the La Frontera commercial park,” say company reps.

“Our move into the Austin metro area underscores our commitment to expand into new markets that align with our property portfolio and investment objectives,” says Griffis Residential CEO David Birnbaum. “We believe Griffis La Frontera is well-positioned to capitalize on significant growth in rental demand due to Austin's abundance of high quality jobs and its overall appeal to our target resident demographic. When these positive market dynamics are combined with our proven community management processes and capital improvement program, we feel we have an excellent opportunity to drive results for our investors.”

Built in 1997, Griffis La Frontera is anchored by the La Frontera master-planned commercial park; the Forest Park Medical Center, scheduled to open December 2014; and Dell headquarters. Located near the intersection of I-35, SH-45 and Loop 1 (MoPac Expressway), the garden-style property offers six floor plans, from one- to three-bedrooms, ranging in size from 640 to 1,232 square feet. The community also features amenities including a clubhouse, business center, fitness center and two heated pools, as well as detached garages and carports. In connection with the acquisition, Griffis Residential plans to make more than $4 million in community and apartment unit upgrades as part of its targeted capital improvement program.

Alli Martin, who has been with Griffis Residential since 2010, has been appointed community manager for Griffis La Frontera. Martin will be responsible for day-to-day management of the community and fostering the Griffis Residential guest-centered culture, which places a top priority on delivering the highest quality guest experience in the multifamily apartment industry.

The acquisition brings the number of class A multifamily units that Griffis Residential owns and manages to 5,658.