Griffin Capital closes fourth opportunity zone fund at $400M
What's the deal? Griffin Capital CompanyDealroom has a profile for this one. Try Dealroom → has closed its fourth qualified opportunity zone fund, Griffin Capital Qualified Opportunity Zone Fund IVDealroom has a profile for this one. Try Dealroom →, after raising about $400 million in investor equity. The private placement began selling interests in February 2024 with a $150,000 minimum and a $500 million offering target.
Where's the money going? The fund holds six multifamily and student housing investments across five states, totalling 1,918 units and about $787 million in project cost. Projects span St. Petersburg, Boston, Phoenix, Fredericksburg, and Nashville, plus a stabilised student housing property next to Florida State University in Tallahassee.
The track record: Across four funds, Griffin CapitalDealroom has a profile for this one. Try Dealroom → has raised more than $2 billion of investor equity. It has developed, or is developing, 33 communities with about 11,400 units and $3.9 billion in total project cost. The firm cites Novogradac & Co.Dealroom has a profile for this one. Try Dealroom → data to position itself among the largest US sponsors of opportunity zone rental housing.
Why now? The One Big Beautiful Bill Act, signed in July 2025, made the opportunity zone program permanent. The new framework takes effect January 1, 2027, adding a rolling five-year deferral period and a 10% basis step-up, or 30% for rural funds.
What's the endgame? Co-chief executive officer Nick Rosenthal said the firm is looking toward a fifth fund under the revised framework. He pointed to the permanent program, an attractive entry point for real estate, and investors with capital gains who remain under-allocated to real assets.
The signal: "Being able to raise and deploy capital across four consecutive funds, including through a period of significant interest rate volatility and diminishing program benefits, speaks to the durability of our investment thesis," Rosenthal said. With the program now permanent, Griffin Capital — whose US asset management business Apollo acquired in 2022 — is betting opportunity zones remain a draw well beyond their original tax incentives.
Read more: altswire.com
Image credit: Payton Chung
