Griffin Capital announced that it has closed its second QOF after raising $585 million in equity. Griffin’s first OZ fund closed in September 202 after raising $460 million.
Griffin’s second fund will be used to develop 12 multifamily communities in 11 different Opportunity Zones. In total, the developments will include more than 4,000 residential units and the total project cost is estimated at more than $1.2 billion.
Griffin has filed a Form D for a third OZ fund with the SEC. That fund will have a minimum investment of $150,000.
Griffin Chairman and CEO Kevin Shields has discussed his firm’s OZ strategy on the Opportunity Zones Podcast: