Grosvenor Americas (GA) has acquired Northcreek Apartments in the Seattle, WA suburb of Bothell. The new ownership plans to upgrade the community’s amenities, clubhouse, landscaping, apartment interiors, and signage.
The 50-acre property comprises 23 three-story apartment buildings with 524 apartment homes, plus a single-story community clubhouse. Northcreek residents enjoy a variety of amenities including a fitness center, theater room, children’s recreation room, conference room with kitchen, and a large outdoor pool and wading pool. The property has 917 parking spaces in surface lots, garages, and carports.
Situated in an attractive residential area about 20 miles northeast of downtown Seattle and 13 miles northwest of Redmond, Northcreek is served by two major highways, I-405 and SR-527, and several nearby shopping centers. Major employment centers such as Microsoft’s Redmond campus, the Bothell Technology Corridor, and Boeing’s airplane assembly plant are just 10 to 20 minutes away. Two miles south is Canyon Park, home to high-tech and biomedical companies such as Google, Microvision, Panasonic Avionics Corporation, Kinesis, Amgen, and more.
Bothell itself is the focus of Washington’s largest publicly-led downtown revitalization with over $200 million in private investment and $150 million in public investment.
“Northcreek’s acquisition is a great addition to our strategy of building a portfolio of value-add rental properties in the Puget Sound region,” said James Delmotte, Senior Vice President, Investment, Grosvenor Americas. “Rising employment throughout the region along with favorable demographics and interest rates added to the appeal of this purchase.”
With the Northcreek acquisition, Grosvenor Americas now owns (wholly or in joint venture partnerships) almost 2,200 multifamily rental units in the US and Canada, of which nearly 2,000 are in the Puget Sound region.
Pete Shelton and Kim Grant of Cushman & Wakefield represented the seller in the transaction.
Grosvenor is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company – Grosvenor Fund Management – which manages capital on behalf of investors. As of December 31, 2011, the Group had total assets under management of US$19.4bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.