By Dees Stribling, Contributing Editor
Woodinville, Wash.—Grosvenor Americas has acquired Waterford Place Apartments in the Seattle suburb of Woodinville for an unspecified price. The 18-acre property comprises 17 three-story apartment buildings with a total of 360 units and a single-story clubhouse. Pete Shelton and Kim Grant of Cushman & Wakefield represented the seller in the transaction.
A substantial renovation is in the works, according to the new owner. The upgrades will involve the property’s amenities, clubhouse, landscaping, apartment interiors, and signage. Waterford Place’s amenities include two swimming pools, an indoor spa, fitness center, tennis court and barbeque area.
According to Grosvenor Americas senior vice president James Delmotte, the acquisition is part of the company’s strategy to build a portfolio of value-add rental properties in the Puget Sound region. He cites continued job growth, favorable interest rates, and an improving economy as among the region’s positives.
Investment specialist Marcus & Millichap predicts that by the end of this year, the Seattle apartment vacancy rate will drop to 3.8 percent, a decline for the year of 80 basis points, and be the lowest vacancy rate in more than 10 years. Effective rents are expected to rise by 5.1 percent for the year.
With the Waterford Place acquisition, Grosvenor Americas now owns (wholly or in joint venture partnerships) 10 multifamily properties with a total of 1,660 units in the greater Seattle area. London-based Grosvenor is a privately owned property group with offices in 18 cities worldwide, and more than $19 billion in assets under management.