Griffis Residential Launches $550M Fund Targeting Distressed Class-A Apartments

Griffis Residential has launched Griffis Premium Apartment Fund VII, a closed-end vehicle targeting $550 million in commitments to acquire and reposition underperforming Class-A apartment communities. The new fund follows the near-full deployment of Fund VI, which has invested roughly 95% of its capital, including an off-market purchase of a 1,421-unit, four-property portfolio across four markets. 

Griffis executives say current market dynamics are creating a compelling entry point for multifamily investors. “With values down 18% nationally and construction costs up 40% in the past four years, apartment investment opportunities may prove to [be] the most attractive we have seen in years,” said Ian Griffis, Chairman and Co-CEO at Griffis Residential. “Homeownership remains out of reach for many, but apartment affordability is remarkably healthy.” 

Fund VII has already completed its first acquisition. Griffis North Olive, a 263-unit community in West Palm Beach, Florida, was acquired on March 10, 2026. That deal builds on the June 2025 purchase of a 223-unit property in West Palm Beach by Griffis Residential Income Trust (GRIT), the firm’s core open-end fund. 

Based in Denver, Griffis Residential owns and manages nearly 10,000 units across 31 communities in 13 markets nationwide and oversees a $3.6 billion multifamily portfolio. 

Pictured: Griffis North Olive in West Palm Beach, FL