SEATTLE, WA - Grosvenor Americas (GA) has acquired Waterford Place Apartments in the Seattle, WA suburb of Woodinville. The new ownership plans a substantial renovation to upgrade the community’s amenities, clubhouse, landscaping, apartment interiors, and signage.
This 18-acre property comprises 17 three-story apartment buildings with 360 apartment homes and a single-story community clubhouse. Residents enjoy extensive amenities including 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.
Waterford Place offers a unique combination of rural living in an urban setting. Its central location near both Interstate 405 and Highway 522 provides easy access to downtown Seattle and the region’s largest employment centers, including Microsoft’s Redmond headquarters, the Bothell technology corridor, and Boeing’s Everett aircraft assembly facility.
In addition to its proximity to employment centers, the Woodinville area provides a variety of recreational opportunities including hiking and biking on the Burke-Gilman Sammamish trails and summer concerts at the area’s many wineries.
“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,” said James Delmotte, Senior Vice President, Investments, Grosvenor Americas. “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