Grosvenor Americas Reveals Plans for Silicon Valley Acquisition
The company plans to make $16 million in capital improvements.
By Jeffrey Steele, Contributing Editor
San Francisco—Property investment and development company Grosvenor Americas has acquired Waterstone Apartments, a 432-unit community in San Jose, Calif. Sprawling across 22 park-like acres and featuring 43 two-story residential buildings, the community is in line for $16 million in capital improvements, including an upgraded fitness center. Also part of that plan will be the addition of a free-standing leasing center and unit modernization.
Despite being near the Capitol Expressway, highways 280 and 101 and public transportation in the South San Jose submarket, Waterstone provides a sense of quiet and serenity due to its attractive site plan and mature landscaping.
The property is convenient to major employers, among them Cisco Systems, eBay, Samsung, Adobe Systems, Apple, Google and Netflix. The San Jose metropolitan area boasted year-over-year job growth standing at 5.5 percent in June of this year. That is the highest growth rate of any major U.S. metropolitan area. And Silicon Valley is recognized worldwide for its educated workforce and concentration of innovative technology companies.
The brokerage firm handling the acquisition was Institutional Property Advisors.
“Waterstone is an ideal opportunity to acquire an attractive asset with value-add potential, access to public transportation and proximity to major employers,” said Peter Staver, senior investment manager at Grosvenor. “Waterstone’s location is supported by the area’s strong retail and entertainment centers, recreational opportunities and points of interest throughout the Bay Area.”
Greystar, a manager of more than 16,000 units in 80 Bay Area communities, is being retained as third-party property manager.
