Privately-held alternative asset manager Griffin Capital has acquired a multifamily development site in a Qualified Opportunity Zone with plans to build a 375-unit, mid-rise apartment community.

Located in Silver Spring, the property will be developed in partnership with The Bozzuto Group, a Maryland-based real estate developer and property manager that specializes in multi-family, and StonebridgeCarras.

“Our Silver Spring development is another example of our commitment to investing in attractive markets that fall within designated Opportunity Zones,” said Eric Kaplan, president at Griffin Capital Private Equity. “Conveniently located near Bethesda, MD and Downtown Washington D.C., Silver Spring has blossomed into a dynamic live-work-play environment. The market is supported by strong employment opportunities and a compelling mix of retail and dining, all of which are proximate to our property. We are proud to support the city of Silver Spring by bringing additional high-quality housing to this vibrant community.”