Grosvenor Americas acquires Maryland Apartment Community for $146M

Grosvenor Americas today announced the $146 million acquisition of The Crossings at Washingtonian Center, a 648-unit residential community in Gaithersburg, Maryland. 

9th December 2015

Adjacent to the newly developed retail, dining and entertainment outlets, Downtown Crown and Washingtonian Center, The Crossings consists of 16 four-story residential buildings on 23 acres. The property features a clubhouse with fitness center, three tennis courts, two swimming pools, a playground and a dog run. Grosvenor plans to undertake significant interior unit upgrades, landscaping and amenity improvements. Renovations, leasing and property management of The Crossing will be carried out by Thrive Communities, Inc., which manages apartment communities for Grosvenor in Washington state and Virginia.

“We are pleased to continue our investing activity across the Greater Washington Area region,” said Scott Brody, senior vice president, investment, Grosvenor Americas. “The demand for high-quality, well-located apartments such as The Crossings is fueled by the unparalleled amenity growth surrounding the property, including a superb school system that appeals to families and nearby employment opportunities.”



Ideally located at the interchange of I-270, I-370 and MD-200, The Crossing is in the DC metropolitan area and offers a shuttle service to Shady Grove Metro Station. Major employers such as The National Institute of Health are nearby, as well as top Montgomery County schools, including Thomas S. Wooten High School.

Eastdil represented the seller in the transaction.

Grosvenor added its first multifamily property to its Washington, DC portfolio when it acquired for $108.2 million Wheelhouse at Fair Oaks, a 491-unit apartment community in Fairfax, in August 2014. Since the acquisition, Wheelhouse has undergone significant renovations to improve resident experience, including upgrades to suite interiors, fitness club, leasing office, and shared public spaces.

In addition to The Crossings, Grosvenor has mixed-use projects under development in the Capitol Riverfront District and Silver Spring, MD. Grosvenor also runs a Structured Development Financing program that provides financing to residential and mixed-use developers – recently closing on approximately $20 million in financing towards PN Hoffman’s condominium development, Parcel O at The Yards, in southeast Washington, D.C. 

ENDS

For more information contact:

Julie Chase
CEO Chase Communications
+1 202 997 8677
jchase@chasepr.com

Patti Glass
Director of Marketing, Grosvenor Americas
+1 604 640 3535
patti.glass@grosvenor.com

Notes to Editors

About Grosvenor Group

Grosvenor Group has 17 offices in 11 countries and assets in 16 countries. The Group has regional investment and development businesses in Britain and Ireland, the Americas, and Asia Pacific. The Group’s international fund management business operates across Continental Europe. It also has indirect investments, managed centrally. Unusual for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements, Environment Data and index of sustainability reporting under the GRI initiative - available at: www.grosvenor.com, 

Grosvenor Americas

Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy of those communities. The company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary and has specific interest in retail, residential condominiums and apartments, and mixed-use sectors. As of 31 December 2014 Grosvenor Americas had assets under management of $3.0B CND. For more information, please visit www.grosvenor.com.  

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