In the News
December 15, 2014
Grosvenor Sells BluWater Luxury Community to Coast Equity Partners for $25M
Commercial Property Executive
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As the greater Seattle residential market continues to stimulate investors, BluWater, a luxury residential community in Everett, Wash., recently traded hands in a deal worth $25.5 million. Grosvenor Americas sold the multifamily asset to Coast Equity Partners, with the seller advised by a team from Kidder Mathews.
According to Grosvenor Americas CIO Michael Beattie, the sale will provide the company with funds to be directed towards"further opportunistic investment." In a press statement, he noted: "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."
The BluWater luxury community is a152-unit lakeside apartment property consisting of seven two- and three-story buildings, located about 25 minutes north of Seattle in the Silver Lake neighborhood. The property stands between the cities of Bothell, Mill Creek and Everett, in the proximity of Seattle's Eastside tech corridor. Also nearby are such other major employment centers as Boeing's main production facility and the life science and tech scene in Bothell. The 1991-built asset offers an in-unit package that includes rustic cherry cabinets, stainless-steel appliances, wood-burning fireplaces, full-size washers and dryers, and private patios or balconies, with units located on the upper levels also featuring vaulted ceilings.
Grosvenor has owned BluWater since 2007, and has carried out a number of extensive upgrades and renovations. The community's clubhouse received a new slate entry, new furnishings, custom cabinetry and a contemporary-style resident lounge. The clubhouse amenity package features a modernized fitness center overlooking Silver Lake, theater room, Wi-Fi lounge, business center and kitchenette. Outdoor amenities include a courtyard, a playground, walking trails and an all-season indoor-outdoor pool. Following the sale, Grosvenor Americas' multifamily portfolio totals around 2,400 rental units in Canada and the U.S., most of them on the West Coast.