Griffis Residential Sells 524-Unit Griffis North Creek in Seattle Metro with 50% NOI Growth

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

The Denver-based company reported that Net Operating Income growth at the property was nearly triple the National Council of Real Estate Investment Fiduciaries Property Index for apartments within the respective core-based statistical area.

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

Jim DiRienzo, Senior Vice President of Investments, said the company has continued to complete investment sales and deliver outcomes for investors despite elevated supply and rising interest rates. He attributed the performance to fixed-rate, long-term, low leverage financing and the company’s vertically integrated management platform.

“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,” DiRienzo stated.

Griffis Residential operates as a vertically integrated multifamily investment firm across 13 markets coast to coast. The company currently manages a $3.8 billion portfolio of apartment communities in locations the firm identifies as high-growth innovation hubs.

The Griffis Residential management platform includes approximately 300 apartment professionals located in Austin, Dallas, Denver, Frisco, Los Angeles, Orange County, Portland, San Diego, Seattle, Silicon Valley, Bethesda, Maryland, Pompano Beach, and West Palm Beach.

The company did not disclose the sale price or the buyer in the announcement.