Last year, Grosvenor and two Canadian pension funds concluded a 10-year value-add program, which acquired and sold C$910m in income-producing assets including 2,650 multifamily units in Washington, D.C., Seattle and San Francisco. Grosvenor completed the acquisition with a long-term partner. Per Grosvenor: The 21-story building, which coincidentally shares the Grosvenor name, fits Grosvenor’s investment strategy of acquiring and improving existing high-quality multifamily properties in its coastal gateway markets. Known for its commitment to long-term sustainability, Grosvenor plans to significantly lower the carbon profile of the property while investing in upgrades to modernize common areas and improve apartment interiors.

According to a BizJournals report, the building has sold for approximately $95.3 million and Grosvenor plans to invest as much as $10 million in improvements. Grosvenor, a privately owned international real estate company, has acquired its latest multifamily value-add property – Grosvenor Tower, a 237-unit apartment building located at 10301 Grosvenor Place in North Bethesda.

Avalon grosvenor tower