Griffin Capital Closes Fourth Opportunity Zone Fund at About $400 Million, Eyes a Fifth
Most of Fund IV’s six-project portfolio is still under construction, and the sponsor is already looking ahead to its next vehicle under the now-permanent program.
October 14, 2026
Griffin Capital Company has closed the offering period for Griffin Capital Qualified Opportunity Zone Fund IV, L.P., its fourth qualified opportunity zone fund, after raising approximately $400 million of investor equity. The El Segundo, California-based sponsor announced the close on October 13.
Most of what that capital bought is still being built. Fund IV holds six multifamily and student housing investments across five states, totaling 1,918 units and approximately $787 million of total project cost:
- Stabilized: one investment, a student housing property adjacent to Florida State University
- Under construction: four investments
- Pre-construction: one investment, expected to break ground in the first quarter of 2027
Beyond the Florida State asset, the portfolio spans St. Petersburg, Boston, Phoenix, Fredericksburg, and Nashville.
A Four-Fund Track Record
Fund IV is the latest vehicle in the opportunity zone series that anchors Griffin Capital's Reg D private placement platform, and the firm describes its capital raise as essentially continuous since it launched its first opportunity zone fund in April 2019. Across all four funds, Griffin Capital has raised more than $2.0 billion of investor equity and has developed, or is developing, 33 multifamily and student housing communities. Those communities represent approximately 11,400 residential units and $3.9 billion of total project cost.
Griffin Capital says that activity places it among the largest sponsors of opportunity zone rental housing in the country. The claim rests on data compiled by Novogradac & Company, which tracks the 1,325 qualified opportunity zone fund managers that had reported equity raised as of February 2026. Advisors weighing the ranking should note the release's own disclosure: Novogradac is not a third-party rating firm, and it has been engaged by other Griffin Capital-sponsored funds for annual financial statement audits and tax preparation.
Raising Through Headwinds
Opportunity zone funds let investors roll capital gains into development in designated census tracts, with the largest benefit, tax-free appreciation, reserved for investments held at least 10 years. Co-CEO Nick Rosenthal said Griffin Capital raised and deployed capital through significant interest rate volatility and diminishing program benefits. He said that record shows the strategy can perform independent of the tax advantages it offers investors.
Looking ahead, Rosenthal cited three tailwinds:
- broader access to the tax benefits under what the firm calls a now-permanent program
- an attractive entry point for real estate
- investors holding capital gains who remain under-allocated to real assets
He said the firm is looking toward a fifth vehicle under the revised opportunity zone framework.
Griffin Capital also remains constructive on rental housing. It cites structural demand for a necessity-based asset, a shrinking pipeline of new supply, and the sector's historical resilience through economic cycles.
Founded in 1995, Griffin Capital has owned, managed, sponsored, or co-sponsored approximately $24.6 billion in assets as of June 30, 2026. Its investment team now focuses exclusively on rental housing, including multifamily, build-to-rent, and student housing strategies.
