Griffis Residential last month announced its expansion to the East Coast with the acquisition of Maizon, a 229-unit multifamily property in Bethesda, Maryland, now rebranded as Griffis Edgemoor. Now we know the property was sold for $115,250,000, per BLDUP.
Griffis Residential referred to the DC area as an “attractive market for long-term investment due to its diversifying economy, abundance of high-quality jobs, and high barriers to entry.” Griffis shared that the six-story property was acquired at a significant discount to the estimated replacement cost and offers key advantages aligned with Griffis Residential’s investment strategy, including enhanced asset management and superior customer service.
“This acquisition aligns with the fund’s strategy to generate durable cash flow by investing in multifamily assets with enduring value,” said, Jim DiRienzo, Senior Vice President of Investments at Griffis Residential. “Our focus is on acquiring properties in strong, improving locations that present an estimated discount to replacement cost and offer substantial management upside.”
Per the company, “Griffis Residential acquired the property through Griffis Residential Income Trust (GRIT), an open-end, perpetual life multifamily fund launched in 2020. This marks the eighth acquisition for GRIT, bringing the fund’s total portfolio to 1,895 units with a gross real estate asset value of $673.7 million. The purchase was supported by a 10-year, fixed-rate, interest-only financing structure, highlighting Griffis Residential’s commitment to strategic and sound financial planning.”