Woodinville Apartment Complex Latest Addition to Grosvenor’s Value-Add Portfolio
- Sep 17, 2012
Grosvenor Americas recently announced the acquisition of the Waterford Place Apartments in Seattle’s Woodinville suburb for $58.4 million. The property group will now pursue a substantial property renovation to add value to the newest member of its portfolio. Upgrades are deemed necessary for most of the community’s amenities, such as its on-site clubhouse, landscaping and signage, as well as the complex’s apartment interiors.
Waterford Place Apartments is an 18-acre residential property featuring about 360 apartment homes in 17 three-story apartment buildings. In addition to the single-story clubhouse, amenities include two swimming pools, an indoor spa, a fitness facility, a tennis court and a barbecue area. Parking includes surface lots, garages and carports that can accommodate a total of 637 spaces.
Located in close proximity to Interstate 405 and Highway 522, the community benefits from easy access to Seattle’s much talked-about downtown area, as well as high-interest job communities such as the Microsoft-dominated Redmond, the Bothell technology corridor and Boeing’s assembly facility in nearby Everett.
According to Grosvenor Americas’ senior vice president of investments, James Delmotte, “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.” Grosvenor is a privately owned property group with offices in 18 different cities across the world. The company invests directly in real estate through divisions in Britain and Ireland, the Americas and the Asia-Pacific region, and indirectly in real estate managed by others and through international fund management via subsidiary Grosvenor Fund Management.
Photo courtesy of grosvenor.com