Grubb Properties Launches Grubb Real Estate Fund VII,
Opens San Jose Office
Fund focuses on essential housing, addressing a crucial housing shortage facing America
CHARLOTTE, NC (April 6, 2021) – Grubb Properties, a leading vertically integrated commercial real estate firm, today announced the launch of the Grubb Real Estate Fund VII. In addition, Grubb Properties has opened a corporate office in San Jose, CA, to facilitate new acquisitions and developments in the western United States, including previously announced developments in Denver, CO, and Los Angeles, CA.
Following on the success of Funds I-VI, the Grubb Real Estate Fund VII will focus on multi-family opportunities primarily through Grubb’s Link ApartmentsSM brand. Through strategic site selection and creative development and design methods, Link ApartmentsSM communities fill the gap between affordable and luxury housing, a sector the company terms “essential housing.”
A Middle-Class Housing Crisis Presents Opportunities
With a 3.7-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 addresses this crisis through its Link ApartmentsSM brand, the primary strategy driving Grubb Real Estate Fund VII. Link ApartmentsSM communities focus on key elements that make residents feel like they aren’t forced to compromise on quality, 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.
Link ApartmentsSM are designed with an eye toward environmental stewardship. All buildings are National Green Building Standard certified, and many feature electric vehicle charging stations and proximity to bikeways. Grubb Properties is a leader in transit-oriented design, seeking out locations near major transit hubs or greenways to limit the need for parking, and/or creating shared parking models between the residential and commercial components of developments.
Utilizing a proprietary model for site selection, Grubb Properties seeks out locations near major fixed employment centers, including universities, government offices, and medical centers, in cities that have proven to be resilient to economic shocks. This careful approach has proven to be successful as the nation emerges from the COVID-19 pandemic.
“By focusing on essential housing in resilient markets, and working closely and compassionately with residents, Grubb Properties is coming out of the pandemic well-positioned to take advantage of the many opportunities we see in the market,” said Clay Grubb, CEO of Grubb Properties. “Our process was put to the test over the past year and we came through with flying colors.”
New San Jose Office Reinforces National Scope
To facilitate Grubb Properties’ expanding footprint, the firm has also announced a new corporate office in San Jose, CA. Located at 777 North First Street, the San Jose office will enable Grubb to establish 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. Perspective drives performance. 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, eethridge@grubbproperties.com, (704) 405-5148
