With $2.4b in assets under management, Grosvenor Americas now owns (wholly or in joint venture partnerships) more than 2,850 multifamily rental units in the US and Canada; some 70 percent of these units are located on the West Coast.
While this is Grosvenor’s first Washington, DC area apartment community acquisition, the Company has been highly active in the local market. Grosvenor partnered with The JBG Companies (JBG) in developing District, an award-winning boutique mixed-use development at 14th and S Streets, NW, which sold in late 2013 to J.P. Morgan for a record-setting price per unit. The Company owns Square 701, adjacent to Nationals Park in the regenerating Capitol Riverfront District, where it has planned a mixed-use residential/retail development. In the heart of Silver Spring, MD, at 8415 Fenton Street, Grosvenor plans to develop 244 rental apartments and 18,000 square feet of ground-level retail space.
Speaking from the Grosvenor-owned building at 1701 Pennsylvania Avenue, NW, Senior Vice President and General Manager Scott Brody said:
“This acquisition expands our residential investment portfolio across the US. It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, DC region, where we continue to seek additional opportunities.
The Fair Oaks submarket attracts quality retailers with its affluent and growing population. Residents enjoy easy access to shopping including Fair Oaks Mall, Whole Foods, Wegmans and Fairfax Towne Center, as well as numerous employers including General Dynamics, Lockheed Martin, SAIC, AT&T, major Federal government agencies, and the more than 6,000 technology firms along the Dulles Corridor.”
Conveniently located on 13.5 acres at the corner of West Ox Road and Monument Drive, the 27-year-old Avalon Fair Oaks community offers numerous amenities including a pool and sundeck, clubhouse with free Wi-Fi, picnic area, 24-hour fitness center, tennis court, racquetball court, and structured parking. After renaming the community Wheelhouse of Fair Oaks, the new ownership plans to undertake significant renovations that include upgrades to interior home finishings, fitness club, leasing office, and other public spaces.
As with prior value-add investments, Grosvenor identified this unique opportunity to deliver highly relevant, lifestyle-enhancing improvements to residents who rent by choice and seek quality service and a true sense of community. Renovations, leasing, property management, and rebranding will be carried out by Thrive Communities, Inc., which has successfully repositioned several large Seattle area apartment communities for Grosvenor.
In addition to its newly acquired multifamily community, Grosvenor’s portfolio includes office, retail, and hotel space in the Washington, DC metropolitan area. Grosvenor is renowned worldwide for its luxury apartment and condominium developments in such thriving cities as London, Tokyo, Hong Kong, San Francisco, Calgary, and Vancouver.
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Notes to Editors
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the US through focused, strategic expansion. We use our knowledge of the cities we work in and our property skills to develop projects that contribute to the vibrancy of those communities. As of December 31, 2013, Grosvenor Americas had assets under management of $2.4 billion.