At a glance
- The fund has also completed its first acquisition: Griffis North Olive, a 263-unit apartment community in West Palm Beach, Fla., built in 2016 and acquired in March 2026 for approximately $104 million.
- The $104 million purchase price equates to about $395,000 per unit, which Griffis estimates is a 25 percent discount to replacement cost.
- Ian Griffis, the firm's chairman and co-CEO, said: "Looking forward, the environment presents an excellent opportunity to acquire class A multifamily assets at severely discounted prices."
Griffis Residential has raised about $207 million at the first close of Griffis Premium Apartment Fund VII, IREI reported. The fund has also completed its first acquisition: Griffis North Olive, a 263-unit apartment community in West Palm Beach, Fla., built in 2016 and acquired in March 2026 for approximately $104 million.
The $104 million purchase price equates to about $395,000 per unit, which Griffis estimates is a 25 percent discount to replacement cost.
Ian Griffis, the firm's chairman and co-CEO, said: "Looking forward, the environment presents an excellent opportunity to acquire class A multifamily assets at severely discounted prices." He described Fund VII as a continuation of the approach the company has followed since its founding.
Griffis Residential owns and manages roughly 9,500 units across 13 markets, and the North Olive purchase expands its South Florida presence. A target size for Fund VII was not disclosed.
Reported by the Fundraising desk from IREI. Published . Corrections