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AUSTIN, TX - Griffis Residential , a Denver- based multifamily investment and management firm, announced that it has acquired Talavera Apartments located in the northwest area of Austin, Texas. The 232-unit Class-A multifamily community is the firm’s third acquisition in the Austin metro area following the acquisition of a total 808 apartment units in November 2014 and January 2015. Griffis Residential now owns and manages 6, 198 apartment units in Colorado, Nevada and Texas.“Our expansion in Austin is motivated by the area’s strong technology job growth , which is helping drive apartment demand and rent growth,” said Griffis Residential Executive Chairman Ian Griffis . “As we remain open to additional opportunities in Austin, we plan to continue to expand and diversify our portfolio in areas that exhibit the positive economic forces and demographic trends that align with our investment strategy.” Effective immediately, Talavera Apartments has been renamed Griffis L...

With SoCal rents rising , developers are busy building apartment communities , particularly in Los Angeles. L.A. remains among the top 10 least affordable housing markets in the nation. Rents climbed to $2,054 in January, way above the national average . Ballooning home prices have made home-ownership more difficult, and in turn put downward pressure on apartment vacancy rates . Despite the issues with affordability and the growing amount of lifestyle supply, we expect continued strong demand . The pronounced need for housing has resulted in a construction boom, and there are no signs of slowing down. At this point, everyone is trying to get a slice of the action, buying and building along the way. According to Yardi Matrix data , these are the top 10 owners in the Los Angeles market , based on unit counts. 10. Aimco Palazzo East at Park La Brea Aimco, or Apartment Investment Management Co., is among the largest owners and operators of apartment communities in the United States. T...

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