Griffis Residential is pleased to announce that Griffis Premium Apartment Fund V (Fund V) has acquired the EV Lofts (rebranded Griffis East Village). The transaction is the eighth and final acquisition for Fund V.
- Units / Year of Construction: 208 / 2015
- Dynamic Location: Griffis East Village is in the up-and-coming East Village neighborhood of downtown San Diego adjacent to the historic Gaslamp Quarter and minutes to the CBD. Currently, downtown San Diego is set to deliver over 4.8m square feet of new office/lab space over the next three years, bringing 16k+ new jobs to downtown.
- Opportunity: High quality mid-rise construction trading for an 18% discount to estimated replacement cost, offering demonstrable below market rents and management upside.