Griffin Capital Qualified Opportunity Zone Fund II, L.P. Announces the Commencement of Construction on Environmentally Conscious Apartment Community in Hyattsville, MD
Griffin Capital Qualified Opportunity Zone Fund II, L.P. and its partners Transwestern Development Company and Perseus TDC have announced that construction has started on The Six, a new apartment community that will be the first in Prince George’s County, MD designed to meet the requirements of the National Green Building Standard Gold Certification.
The Six at 6400 America Blvd in Hyattsville will be built with sustainable materials and construction processes as well as feature Energy Star appliances, native landscaping and dedicated parking spaces for electric vehicle charging stations.
The Six will include 316 apartments, more than 2,000 square feet of ground-floor retail space and a parking garage for 276 vehicles. The residential units, which include a mix of efficiency and one- and two-bedroom units, are expected to be ready for occupancy in the summer of 2024.
“We are thrilled to be making this long-term investment in Hyattsville. We believe that The Six will help provide much needed housing in a growing market and we are excited to partner with Transwestern, a best-in-class developer, to help make it a reality. The unique, environmentally conscious design features allow our residents to not only have a wonderful community to call home, but it also empowers them to live in a community that was purposely designed to adhere to higher sustainability standards” commented Eric Kaplan, President of Griffin Capital Company.
The Six is one mile from the University of Maryland’s main campus and about a half mile from the Prince George’s Plaza Metro station. Residents at the Six will be close to the Hyattsville Arts District, which includes galleries, parks, breweries, restaurants, shops and nightlife. The Six’s name pays tribute to Hyattsville’s original six neighborhoods. Murals will be commissioned from local artists to honor the community’s artistic vibe.
“This is an incredible project that will address housing needs while incorporating high standards of sustainability, pay homage to the local community and provide economic stimulus that will have a flywheel effect on local businesses and residents” added Nick Rosenthal, Managing Director of Griffin Capital Company. “The residents of Hyattsville, our investors, employees, future residents of The Six, and those involved in the design and construction process will be able to take great pride in this community. This is the essence of driving towards great outcomes where private investment has a meaningful impact on local communities, and we are humbled by the opportunity to participate in that mission.”
About Griffin Capital Company, LLC
Griffin Capital Company is a leading full-service real estate investment and management company that for nearly three decades has established a reputation for leadership and innovation led by a team of cycle-tested professionals with expertise in acquisitions, investment management, capital markets, financial reporting, legal, development, and construction management. Since 1995 the Firm has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets1 across a wide range of real estate sectors and investment structures. The Company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its investors.
Additional information is available at: www.griffincapital.com.
1. Includes estimated total project costs for assets under construction.