Waterstone is situated on over 22 acres with 43 two-story residential buildings in a park-like setting. Grosvenor plans to spend over $16 million on capital improvements that will include a new free-standing leasing facility, upgraded fitness center and interior suite modernization.
Located in Silicon Valley, part of the South San Jose submarket, Waterstone is convenient to major employers such as Cisco Systems, eBay, Samsung, Adobe Systems, Apple, Google and Netflix. Silicon Valley is globally recognized for its high concentration of innovation and technology companies, as well as an educated workforce. Waterstone offers residents a quiet living environment due to its attractive site plan and mature landscaping while near the Capitol Expressway, highways 280 and 101 and public transportation, including Caltrain.
“Waterstone is an ideal opportunity to acquire an attractive asset with value-add potential, access to public transportation and proximity to major employers,” said Peter Staver, senior investment manager at Grosvenor. “Waterstone’s location is supported by the area’s strong retail and entertainment centers, recreational opportunities and points of interest throughout the Bay Area.”
In addition to Waterstone, Grosvenor owns Trailside Terrace, a 195-unit community in Belmont that was recently renovated. Grosvenor now owns (wholly or in joint venture partnerships) nearly 2,700 multifamily rental units in the U.S. and Canada. In the San Jose metropolitan region alone, job growth was 5.5% year-over-year as of June 2015, the highest growth rate for any major U.S. metropolitan area.
Institutional Property Advisors, a division of Marcus & Millichap Inc., served as the brokerage firm. The transaction was advised by executive vice president investments Stanford Jones and vice president investments Salvatore Saglimbeni. Greystar, who manages over 16,000 units in 80 communities in the Bay Area, will be retained as third party property manager.
For more information contact:
CEO, Chase Communications
+1 415 710 7108
Director of Marketing, Grosvenor Americas
+1 604 640 3535
Notes to Editors
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 all these markets and 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 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 and attractiveness of those communities. With a specific interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2014, Grosvenor Americas had assets under management of $2.3B USD.