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Grosvenor, Rockwood Form Multifamily JV

SAN FRANCISCO-The two locally based real estate companies plan to acquire and renovate $300 million worth of apartment complexes in the Seattle area.

By Brian K. Miller | Updated on January 21, 2008

(Read more on the multifamily market.)

SAN FRANCISCO-Grosvenor has formed a partnership with Rockwood Capital LLC to acquire and renovate multifamily properties in the Seattle area. The two locally based companies have stoked the partnership with two properties Grosvenor previously acquired and renovated–the 90-unit Ascent Apartments and the 140-unit Sancerre Apartments, both located in the eastside suburb of Kirkland.

Grosvenor’s Vancouver, BC-based senior investment manager Christina Laing tells GlobeSt.com the JV will focus on acquiring rental apartment communities in the Seattle area that have significant potential to increase value through renovation, repositioning and active management. The partnership, which has approximately $100 million of equity to leverage, is looking for properties with more than 100 units. Its sweet spot for deal size is north of $20 million, she says.

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