BELLEVUE, Wash. (December 1, 2015) – Grosvenor Americas (Grosvenor), a property investment and development company, announced today the acquisition of Somerset Green, a 101-townhome community in Bellevue, WA, for $40.2M from Carmel Partners, Inc. The community comprises 18 two- and three-story buildings across seven acres. Grosvenor plans to spend $5 million on capital improvements, including upgrading the building’s exteriors, surrounding landscape and home interiors.
“Somerset Green is a strategic acquisition for our portfolio of multifamily properties in the Puget Sound region,” said Mark Purdy, general manager and vice president, investment, Grosvenor Americas. “Significant new commercial development is emerging in and around Bellevue, including the expansion of Lincoln Square and the Spring District, which will continue to increase demand for this quality of property in a premier location.”
Situated in an attractive and vibrant residential area in Bellevue, and less than 15 miles to Sea-Tac International Airport, Somerset Green has convenient access to the I-90, I-405, SR-520 highways and Link Light Rail, including within walking distance of The Marketplace at Factoria. Someset Green is also located in one of Seattle’s top school districts. Bellevue is home to ten companies with more than 1,000 employees. Major employers include T-Mobile, Expedia, Microsoft, Puget Sound Energy, Paccar and Esterline Technologies.
With the Somerset Green acquisition, Grosvenor now owns (wholly or in joint venture partnerships) almost 3,350 multifamily rental homes in the U.S. and Canada, of which nearly 1,500 are in the Puget Sound region. Other apartment communities owned by Grosvenor include Campbell Run, Juanita at Chelsea and Bridges at Northcreek.
Kenny Dudunakis, Ben Johnson, and David Sorensen of Berkadia represented the seller in the transaction.
About Grosvenor Group
Grosvenor Group has 17 offices in 11 countries and assets in 16 countries. The Group has regional investment and development businesses in Britain and Ireland, the Americas, and Asia Pacific. The Group’s international fund management business operates across all these markets and Continental Europe. It also has indirect investments, managed centrally. Unusual 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
About Grosvenor Americas
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy of those communities. The company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary and has specific interest in retail, residential condominiums and apartments, and mixed-use sectors. As of 31 December 2014 Grosvenor Americas had assets under management of $3.0B CND. For more information, please visit www.grosvenor.com.