Griffis Residential Acquires 373 Apartment Homes in Silicon Valley, CA

Griffis South Bay in Milpitas, California

Griffis Residential is pleased to announce that Griffis Premium Apartment Fund VI (Fund VI) has acquired Cerano Apartments (rebranded Griffis South Bay). The transaction is the second acquisition for Fund VI.

  • Units / Year of Construction: 373 / 2013  
  • Dynamic Location: This suburban location is conveniently located in the heart of Silicon Valley, close to Milpitas Light Rail Station, Highway 237, and I-880, and is close to major employees while also being perfectly situated to a diverse mix of shops, restaurants, trails, parks, and within the well-regarded Milpitas Unified School District.  
  • Opportunity: High-quality, wrap construction trading at a 34% discount to estimated replacement cost, offering demonstrable below-market rents, management upside, and premium interior unit renovation opportunities.  
  • Financing: 10-year, fixed rate, interest-only