Griffis Residential is pleased to announce that Griffis Premium Apartment Fund V (Fund V) has acquired Riva on the Park Apartments, a 294-unit high-rise apartment community located in Portland’s South Waterfront neighborhood, at the heart of the city’s medical and healthcare district. The transaction marks the second acquisition for Fund V, which is currently open to new investors.
Riva on the Park has been renamed to Griffis South Waterfront. Constructed in 2009, this transit-oriented property is next door to Portland’s largest employer Oregon Health & Science University (OSHU) which is currently undergoing a 1.1 million square foot expansion. Griffis South Waterfront is steps away from the Portland Streetcar, MAX Light Rail, and Portland Aerial Tram providing access to the city’s largest employment centers.
This property is primed for market repositioning through an interior renovation program. Griffis Residential will also employ additional elements of its investment strategy including enhanced resident experience, ancillary income initiatives, and more effective asset and property management.
For community and leasing information, please visit the Griffis South Waterfront’s website.