Grosvenor closes sale of Sawyer Flats, a 648-unit value-add residential community in Gaithersburg, MD

Grosvenor acquired the multifamily rental property in 2015 and subsequently completed an extensive repositioning program.

Grosvenor Americas (‘Grosvenor’), a privately owned international owner and developer, announces today the sale of Sawyer Flats at 9806 Mahogany Drive in Gaithersburg, Maryland, to an undisclosed buyer. Grosvenor acquired the multifamily rental property in 2015 under its Grosvenor Maple Leaf Ventures VIII L.P. investment vehicle, which includes two global institutional partners.

Grosvenor’s local asset management team led a comprehensive repositioning and rebranding program in 2016 to update unit interiors, landscaping, and resident amenities which efforts improved both rents and occupancy. Thoughtful improvements added higher-quality unit finishes and the addition of “tot lots,” new outdoor fitness stations, and fireside social lounges, which resulted in NAIOP awarding it the 2018 Best Suburban Renovation Award - D.C. Region.

Regarding the sale of Sawyer Flats, Michael Beattie, Chief Investment Officer at Grosvenor Americas, said “Capitalizing on attractive demand metrics, as we did with the recent sale of Fairfax, VA-located Wheelhouse apartments, allows us to pursue new value-add residential opportunities in the region with a focus on Net Zero.”

Under Grosvenor’s Environmental, Social and Governance (ESG) program, the firm finalized an agreement with Montgomery County to offer several affordable units at Sawyer Flats. Advancing the Company’s commitment to Supply Chain Diversity, Grosvenor also engaged with local minority- and family-owned general contractor Christian Siding for property improvements.

Newmark represented Grosvenor in the sale transaction.

Since 2004, Grosvenor has closed $1.15B in residential property acquisitions in Washington, D.C., the San Francisco Bay Area and Seattle, acquiring over 4,300 apartments units across these metros.

Grosvenor has owned and operated property throughout the Washington region since 1986, most recently developing residential mixed-use projects including F1RST in Navy Yard, District Apartments in the U Street Corridor, and Central in Silver Spring, Maryland.

The firm recently broke ground on a residential development site in Union Market and delivered City Homes in Eckington. Grosvenor acquired two office buildings in Georgetown in 2020 to be redeveloped to a mixed-use community with residential and school uses.

Grosvenor has operated a diversified real estate development and investment business in North America since 1952. The Company actively manages its $2.8B investment portfolio and is executing on a proprietary development pipeline that will deliver 4,200 homes across its active markets. Consistent with the firm’s farsighted approach to investment and development, Grosvenor Americas values long-term partnerships: across their nine active institutional investment partners, the average relationship is 20 years.

Notes to Editors

About Grosvenor Americas

Grosvenor Americas has been an active owner and developer in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate.

As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.

We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.

As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.

We are part of Grosvenor Group, one of the world's largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.

To read more about Living Cities please click here.

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