Griffin Capital Company LLC has commenced construction on The Henry at Whitney Village, a 325-unit multifamily development in St. Petersburg, Fla. – the company’s 27th project launched within a federally designated qualified opportunity zone and financed with proceeds raised by one of its sponsored OZ funds. Real estate developer Greystar Real Estate Partners is partnering with Griffin Capital on the project.
The five-story community will be situated in St. Petersburg’s Grand Central District, the westernmost section of Downtown St. Petersburg’s Central Avenue corridor known for its arts atmosphere, restaurants, and entertainment venues. The community is scheduled to have high-end finishes and community amenities, such as a resort-style pool, fitness center and dog park, among others.
Adjacent to the site, local developer Blake Investment Properties is constructing approximately 30,000 square feet of high-street retail space that will further enhance the area.
“The Henry at Whitney Village will add much-needed housing to an area with strong residential demand from young adults, popular retail and dining destinations, and easy access to major employers in St. Petersburg,” said Paul De Martini, chief investment officer at Griffin Capital.
The companies anticipate that The Henry will welcome its first residents by the beginning of 2027.
“This is our 27th property within a designated qualified opportunity zone to commence construction and our second in the Tampa [metropolitan statistical area]. It also represents our ninth development joint venture with Greystar, and we are excited to continue our relationship with their highly skilled and experienced team of professionals,” added De Martini.
To date, Griffin Capital has raised more than $1.8 billion across its qualified opportunity zone funds and has identified 30 investment opportunities across all portfolios, which comprise 10,443 apartment units in 21 cities with an estimated $3.5 billion of total project cost.
In February, Griffin Capital announced the appointment of Steve Guggenmos to serve as its director of housing market research. The company said Guggenmos enhances its capacity to develop proprietary research tools that forecast market trends and inform strategic investment decisions. He previously held several senior-level roles within Freddie Mac’s Multifamily Research team.
In December 2024, the real estate investment manager fully subscribed its South Carolina multifamily 1031 exchange Delaware statutory trust offering, The Isley at Windsor Hill, after raising over $45 million of equity.
Griffin Capital Company is a full-service real estate investment and management company. Since 1995, it has owned, managed, sponsored, and/or co-sponsored approximately $23 billion in assets across a wide range of real estate sectors and investment structures. Griffin’s senior executives and employees have co-invested over $300 million in various investment verticals.
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