By Clay Grubb, CEO
As we enter 2023, I’d like to reflect on some of the highlights of 2022. While the year was certainly not without its challenges, Grubb Properties made significant progress in expanding the Link Apartments℠ brand and continuing our mission of addressing this country's severe housing crisis through essential housing.
Among our accomplishments in 2022:
Following our announcements of Link Apartments℠ communities in New York and the Bay Area in 2021, Grubb Properties continued our expansion into new markets in 2022 with the announcement of five new Link Apartments communities in Los Angeles, one of the country’s most housing-strapped regions.
To better understand how younger American renters were handling the current housing shortage against the backdrop of high inflation and rising rents, Grubb Properties partnered with Wakefield Research to survey 1,000 American renters aged 22 to 35. The results revealed that while young American renters were cutting back to afford rent, they still valued urban locations and green living, validating Grubb’s efforts to provide accessible urban apartments to this demographic.
Grubb Properties’ projects and people continued to receive accolades in 2023. Our car-free development in Charlotte, CYKEL Apartments, received the “Inspiring Building” award from local non-profit Sustain Charlotte, while Managing Director Clark Spencer was named a Multifamily Influencer by GlobeSt/Real Estate Forum for his leadership in the Opportunity Zone space. In addition, Sustainability Manager Colin Walker was the first ESG professional in the nation to receive the NGBS Green PRO designation, demonstrating expertise in sustainable building design, construction, and certification.
In 2022, Grubb Properties issued its inaugural ESG report, outlining our progress and policies regarding environmental, social, and governance principles. ESG has long been a priority for Grubb Properties, and this report allowed us to demonstrate our commitment to our investors, employees, and residents. Watch for the 2023 update early in the year.
To enhance diversification and scale for current and future investors, Grubb Properties consolidated its three previous Qualified Opportunity Zone REITs into the Link Apartments Opportunity Zone REIT. The REIT has raised $509 million to date and has invested in 18 Opportunity Zone projects to date. Opportunity Zones are a perfect match for essential housing, addressing the national housing crisis and improving neighborhoods without introducing excessive gentrification impacts.
In a unique public/private partnership, Grubb Properties agreed to install an accessible entrance to the Queensboro Plaza subway station as part of our Link Apartments℠ QPN development in Long Island City. In exchange, we were granted additional density for the development, enabling the addition of more than 400 units to the New York market. This was only the second use of New York’s Zoning for Accessibility (ZFA) program and the first outside of Manhattan.
2023 marks Grubb Properties’ 60th anniversary, and we look forward to celebrating and commemorating our successes throughout the year. I want to offer heartfelt thanks to our investors and our employees. Your support remains invaluable as we navigate the current economic environment. Thank you, and here’s to a great new year!
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Chief Executive Officer of Grubb Properties