SEATTLE, WA, June 30, 2015 - Property development and investment company Grosvenor Americas (Grosvenor) today announced the sale of Peloton Apartments, a 150-unit multifamily property located in Redmond, WA. G.W. Williams Co., a private firm headquartered in San Mateo, CA, purchased the property for US$43 million.
Grosvenor extensively renovated and upgraded the property after acquiring it in 2007. The refurbishment included a wide range of amenities: an outdoor heated pool and sundeck, fitness centre, lounge, community BBQ and picnic area. The apartment homes, which range in size from 708-981 square feet, feature modern finishes, including stainless steel appliances and hardwood flooring.
Peloton is located near to the Microsoft, Nintendo and Digipen Institute of Technology campuses and Redmond Town Centre. Directly adjacent to Marymoor Park, and surrounded by local wineries and the Redmond Ridge golf course, the apartment community is conveniently accessible to the I-5 and I-405.
“The sale of Peloton Apartments provides Grosvenor with additional capital to reinvest in the Puget Sound region where it has been acquiring value-add rental properties for more than a decade,” said Mark Purdy, Vice President of Investment, Grosvenor Americas. “We continue to expand our acquisition programme throughout North America for opportunistic investments.”
Kirkland, WA, based Turning Point realty advisors, LLC advised G.W. Williams Co. with its acquisition of this property.
Grosvenor owns 2,261 multifamily rental units in Canada and the USA.
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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 USA 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. 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 C$3.0bn.
G.W. Williams Co.
G.W. Williams Co. is a privately-held firm headquartered in San Mateo, CA. Their real estate holdings are concentrated in the Western region of the United States and consist of a diversified portfolio of product types. Currently, the firm owns apartment communities, industrial, commercial and office properties.
Turning Point realty advisors, LLC
Turning Point is a multifamily investment team providing brokerage, financing and advisory services to investors in mid-size to large apartment properties in King County, Snohomish County and Pierce County as well as student housing throughout Washington State.