CHARLOTTE, NC (April 26, 2021) – Grubb Properties, a leading vertically integrated commercial real estate firm, kicked off 2021 with a strong start, launching three new investment funds, announcing two new Link ApartmentsSM development projects, and significantly expanding its national footprint with the opening of a San Jose, CA office.
“By addressing the challenges presented by the pandemic quickly and compassionately, we entered 2021 with momentum to take advantage of opportunities we’ve identified in the market,” said Clay Grubb, CEO of Grubb Properties. “As the economy begins to move back to normalcy, our Link ApartmentsSM brand is uniquely positioned to address the insatiable demand for essential housing across the United States.”
Crisis to Opportunity: Grubb Addresses Essential Housing Shortage
With a 3.8-million-unit housing shortfall in the U.S. and demand expected to exceed supply until the 2030s, middle class Americans are facing an unprecedented housing crisis. The median new home price now exceeds $345,000 and the average apartment rent has reached $1476 per month, putting both options out of reach for many middle-income workers. At the same time, construction and land costs continue to rise, limiting new construction and available supply.
Grubb Properties aims to alleviate this essential housing shortage through its Link ApartmentsSM brand. Link ApartmentsSM communities focus on key elements that provide residents with quality and affordability, while also driving efficiencies to maximize returns for investors. Targeted to residents earning from 60% to 140% of average median income (AMI), Link ApartmentsSM occupy a unique space in Grubb’s target markets.
Investments in Essential Housing Supported by New Funds
The three new investment funds launched by Grubb Properties are:
New Link ApartmentsSM Developments in Georgia and Colorado
Grubb also announced two significant new multifamily developments in Q1 2021.
Atlanta, GA: Continuing Grubb’s legacy of strategic site selection and land use, this new Link ApartmentsSM project in
Smyrna, GA, will include 277 apartments in a new five-story building, part of a larger redevelopment of much of the existing parking in a previously purchased and redeveloped office complex. The project also includes significant retail and office space, green space, and bicycle/pedestrian improvements, highlighted by the construction of a multi-use trail that could significantly improve the alternative transportation options for residents. It is located just over one mile from The Battery retail and entertainment complex and the new Truist Park.
Denver, CO: Link ApartmentsSM Fitz marks Grubb’s first investment in the Denver area. Slated to begin construction in June, Link ApartmentsSM Fitz is directly adjacent to Fitzsimons Innovation Community, a 125-acre innovation and research campus for several hospital systems. Located on the historic Colfax Avenue corridor, Link Apartments® Fitz will emphasize walkable design and connectivity, with easy access to the light rail and future bus rapid transit system. The complex is slated to have 405 units, providing much needed essential housing to the Denver area.
San Jose Office Supports Expansion in Western United States
To facilitate Grubb Properties’ expanding national footprint, the firm opened a corporate office in San Jose, CA. Located at 777 North First Street, the San Jose office establishes an on-the-ground presence in the western United States.
“This move reflects our company’s growth and all the success we have found with our essential housing strategy,” said Grubb. “We are now seeing generational buying opportunities in gateway markets such as Los Angeles and the Bay Area, and our San Jose office will best position us to take advantage of this moment.”
About Grubb Properties
Grubb Properties, founded in 1963, creates exceptional real estate environments and provides premier customer service for our residents and tenants through the repositioning of office buildings and the development of multifamily communities under our nationally registered Link ApartmentsSM brand. Our fully integrated management team identifies strategies that create long-term value for our clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons. People who care. Places that matter. For more information, visit www.grubbproperties.com.
Grubb Properties has received numerous sustainability designations and recognitions, and undergoes annual ESG assessments through GRESB. Clay Grubb’s book, “Creating the Urban Dream,” was published by Forbes Books in 2020.
Media Contact: Emily Ethridge, Corporate Communications Manager, firstname.lastname@example.org, (704) 405-5148