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01 NOVEMBER 2021
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.
Vice President, Corporate Marketing & Communications, Grosvenor Property Americas
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