Griffin Capital Announces the Construction Completion of Two Multifamily Communities, Cavella in Charlotte, NC, and The Arrowood in Charlottesville, VA
Griffin Capital Company (“Griffin Capital”), a leading private real estate investment manager focused on residential housing, is pleased to announce the completion of construction of two multifamily communities within Griffin Capital Qualified Opportunity Zone Fund III, L.P.: The Arrowood, a 250-unit apartment community in Charlottesville, Virginia, and Cavella, a 307-unit, five-story apartment community in Charlotte, North Carolina.
The Arrowood — Charlottesville, Virginia
The Arrowood consists of seven residential buildings with a unit mix ranging from studios to three-bedroom floor plans. The garden-style community includes a separate clubhouse building with a fitness center, resort-style pool, and spacious communal areas for residents to gather.
Charlottesville is anchored by the University of Virginia, the region’s largest employer, which continues to expand across multiple areas, most notably its medical research and hospital operations. That anchor has produced historically consistent job and population growth, an unemployment rate reliably below the Virginia average, and a workforce whose educational attainment far exceeds the national norm. UVA enrolls roughly 26,000 students and supports more than 17,000 faculty and staff, a strong financial foundation that reinforces the durability of the local economy. In addition, AstraZeneca has broken ground on a new $4.5 billion facility less than 15 minutes from The Arrowood that will create 3,600 new jobs.
Cavella — Charlotte, North Carolina
Cavella’s unit mix consists of studios through two-bedroom floor plans, ideal for Charlotte’s growing base of young professionals. The community offers a range of amenities from a pool and fitness center to more modern offerings geared toward younger residents, including a coworking club with private offices and a podcast studio. Cavella is positioned to benefit from Charlotte’s strong long-term growth prospects, driven by a robust and expanding job market and a cost of living nearly 30% below that of the five largest East Coast metros.
The community sits in the North End, between Charlotte’s two largest employment nodes: Uptown, home to roughly 130,000 daily workers and multiple Fortune 500 headquarters, and University City, anchored by UNC Charlotte. Both are a short commute away and reachable on the LYNX Blue Line, with stops within walking distance of the site. Once an industrial corridor, the North End has transformed into a live-work-play destination drawing employers such as Duke Energy, Ally Financial, and Centene, alongside adaptive-reuse landmarks like the one-million-square-foot Camp North End and Optimist Hall.
“The Arrowood and Cavella represent two distinct but equally durable investment theses: Charlottesville’s university-anchored economy delivers a stability few markets can match, while Charlotte’s employment growth and affordability continue to draw new residents at scale,” commented Paul De Martini, Chief Investment Officer at Griffin Capital. “Both give us confidence in the long-term fundamentals underpinning these communities.”
“We are excited to bring both The Arrowood and Cavella to construction completion and want to thank our investors, partners, and the many talented trades that collectively created this housing for future residents. We are thankful to have the opportunity to impact communities for a long time to come by creating housing infrastructure while delivering for our stakeholders,” added Nick Rosenthal, Co-Chief Executive Officer at Griffin Capital.
Since 2019, Griffin Capital has successfully raised approximately $2.0 billion in equity across four Qualified Opportunity Zone Funds to invest in rental housing assets, focused on multifamily, build-to-rent, and student housing in high-growth markets.
For more information on The Arrowood, visit https://www.livearrowood.com/. For more information on Cavella, visit https://www.livecavella.com/.
About Griffin Capital Company1
Griffin Capital Company is a leading full-service real estate investment management firm with a 30-year track record of leadership, innovation, and disciplined execution. Since its founding in 1995, the firm has owned, managed, sponsored, or co-sponsored approximately $24.6 billion in assets across a wide range of real estate sectors and investment vehicle structures. The firm’s senior executives and employees have co-invested more than $300 million across its investment platforms, reinforcing its strong alignment with investor interests. Griffin Capital’s investment team is exclusively focused on the rental housing segment of the market, with strategies targeting multifamily, build-to-rent (“BTR”), and student housing investments. The firm’s rental housing portfolio includes 41 communities, comprising over 13,600 rental housing units and 693 student housing beds, representing a total project value exceeding $4.6 billion.2 Griffin Capital remains committed to creating value through thematic investment strategies and delivering thoughtfully developed housing solutions that benefit both communities and capital partners.
1. As of June 30, 2026.
2. Includes estimated total project costs for assets in various stages of development.
Additional information is available at: www.griffincapital.com.
