Grosvenor Americas has sold Northshore Townhomes, an 86-unit luxury rental townhome community in Kenmore, WA, about 14 miles northeast of Seattle, to JB Matteson, Inc. of San Mateo, CA for $22.1 million.
Grosvenor acquired the property in 2010 in a joint venture with Mosaic Homes of Seattle. Located along the north shore of Lake Washington in Kenmore, at 7000 NE 186th Place, Northshore Townhomes are conveniently close to Bellevue, Kirkland, and Redmond as well as downtown Seattle. Originally developed in 2009, the community comprises 86 two- and three-bedroom townhomes in 11 buildings. All of the homes have private parking garages and condominium-level finishes.
“Over the last decade, Grosvenor has acquired value-add rental properties in the Puget Sound region, and recently expanded the reach of our multifamily portfolio across the country with the $108.2 million acquisition of the 491-unit Avalon Fair Oaks apartments in Fairfax, VA,” said Michael Beattie, Chief Investment Officer, Grosvenor Americas. “Our sale of Northshore Townhomes provides capital for further opportunistic investment.”
Property investor and developer Grosvenor has $2.4 billion in assets under management and now owns (wholly or in joint venture partnerships) more than 2,640 multifamily rental units in the US and Canada; some 80 percent of these units are located on the West Coast.
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. Today we have 17 offices in 11 countries and assets in 16 countries. We have regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific. Our international fund management business operates across all these markets and also Continental Europe. We also have indirect investments, managed centrally. As of December 31, 2013, the Group had total assets under management of $19.9 billion. Unusually 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 US 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. As of December 31, 2013, Grosvenor Americas had assets under management of $2.4 billion.