Griffis Pays $87M for W. Palm Beach Apartment Community
Griffis Residential acquired Anya, a 223-unit high-rise in West Palm Beach, Florida. The 2023-built, 15-story high-rise community has been rebranded as Griffis West Palm.
Griffis acquired the property, which also has 3,132 square feet of retail space, from Northwestern Mutual Life Insurance Co. and Woodfield Development. The property offers studio to three-bedroom apartments, ranging in size from 535 to 1,579 square feet. Rents sit between $2,495 and $7,295.
Griffis West Palm’s features include a year-round resort-style pool with cabanas, coworking pods, an outdoor yoga studio, outdoor grilling stations, a rooftop deck, a 24-hour fitness center with spin room, electric vehicle charging stations and package lockers.
Griffis Residential purchased the property using Griffis Residential Income Trust (GRIT), an open-end, perpetual life multifamily fund launched in 2020. The transaction marks GRIT’s ninth acquisition and was supported by a 10-year, fixed-rate, interest-only financing structure.
Other News
Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
Revere, MA Weighs 1,700-Unit Housing Project
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout