A well located multi-family community with value-add potential.
Constructed in 1989, this multi-family community appealed to Grosvenor for its value-add potential in a desirable submarket location with strong economic drivers and attractive pricing.
We saw an opportunity to re-touch homes with higher quality finishes and compete with newer product and achieve increased rent premiums.
Our local team lead a $12.1m repositioning and rebranding program to both unit interiors and amenities, which improved rents and occupancy.
In an agreement with Montgomery County, Grosvenor offered several affordable units in the community with the County subsidizing the differential between the affordable rents and market rents.
To capitalize on attractive demand metrics, we sold the property in 2021 to pursue new value-add residential opportunities in the region.
- Several affordable homes offered for rent within in the community
- Thoughtful improvements to resident amenity spaces included tot lots, a new outdoor fitness stations for health and wellness, and fireside social lounges