Grosvenor Americas Buys Woodinville Apartment Complex

Grosvenor Americas (GA) has acquired in Woodinville, according to a news release from GA. A substantial renovation is planned to upgrade the community’s amenities, clubhouse, landscaping, apartment interiors, and signage.

Public records show the sale price was just over $58.4 million, according to the Puget Sound Business Journal. Colorado-based Archstone sold the 18-acre property at 13305 N.E. 171st St.

The property has 17 three-story apartment buildings and a single-story community clubhouse. Amenities include two swimming pools, an indoor spa, fitness center, tennis court, and barbeque area. The complex has 637 parking spaces in surface lots, garages, and carports.

“The acquisition of Waterford Place continues to meet our strategic objective of building a portfolio of value-add rental properties in the Puget Sound region,” James Delmotte, senior vice president, Investments, Grosvenor Americas, said in the news release. “Continued job growth in the region, favorable interest rates, and an improving economy add to the appeal of this acquisition.

With the Waterford Place acquisition, Grosvenor Americas now owns (wholly or in joint venture partnerships) ten multifamily communities with a total of 1,660 units in the greater Seattle area. 

Pete Shelton and Kim Grant of Cushman & Wakefield represented the seller, in the transaction.

Grosvenor is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As of December 31, 2011, the Group had total assets under management of US$19.4bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.