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December 11, 2014

TODAY'S DEALS: Grosvenor Americas sells Puget Sound apartments for $25.5M

Multi-Housing News

Grosvenor Americas has sold BluWater, a 152-unit luxury lakeside apartment community in Everett, Wash., to Coast Equity Partners for $25.5 million. Kidder Mathews represented Grosvenor in the transaction.

The property was extensively renovated and upgraded by Grosvenor after the company acquired it in 2007. The clubhouse was expanded and upgraded with a slate entry, new furnishings, custom cabinetry and contemporary residents' lounge. Residents also enjoy a modernized fitness center with views of Silver Lake, theater room, Wi-Fi lounge, business center and kitchenette. Improvements to outdoor amenity spaces encourage stronger community connections and include a courtyard, playground, walking trails and an all-season indoor-outdoor pool.

The property comprises seven two- and three-story buildings, originally constructed in 1991. Upgraded one-, two- and three-bedroom apartment homes feature rustic cherry cabinets, stainless steel appliances, wood-burning fireplaces, full-sized washers and dryers, and private patios or balconies. Upper-level units have vaulted ceilings.

BluWater is located 25 minutes north of downtown Seattle in the Silver Lake neighborhood of Puget Sound, straddling the cities of Everett to the west, Mill Creek to the east and Bothell to the south. It provides quick access to Seattle's Eastside high-tech corridor, Boeing's main production facility and the life science and technology employment hub of Bothell.

"Grosvenor has successfully sold Bluwater, which provides capital for further opportunistic investment," says Michael Beattie, chief investment officer, Grosvenor Americas. "We intend to continue our value-add rental property acquisition program in the Puget Sound region, while expanding our multifamily portfolio in other major markets."

Grosvenor Americas now owns (wholly or in joint-venture partnerships) more than 2,400 multifamily rental units in the United States and Canada; some 80 percent of these units are located on the West Coast. Residential communities owned by Grosvenor are located in the Lynnwood, Redmond, Kirkland, Woodinville, Bothell regions around Puget Sound.

"We are excited about the Seattle market and the Mill Creek submarket in particular. We view BluWater as an outstanding addition to our portfolio," says Josh Jansen, vice president and head of acquisitions for new owner Coast Equity Partners, a Seattle-area real estate investment group that owns more than 1,100 apartment units in the Puget Sound Region. "Working with Grosvenor and their staff was great," adds Jansen. "Their team and their representatives from Kidder Mathews were professional and helpful throughout the contract period."

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