REDMOND, WA—Property development and investment company Grosvenor Americas has sold Peloton Apartments, a 150-unit multifamily property located in Redmond. G.W. Williams Co., a private firm headquartered in San Mateo, CA, purchased the property for $43 million.
Grosvenor extensively renovated and upgraded the property after acquiring it in 2007. The refurbishment included a wide range of amenities: an outdoor heated pool and sundeck, fitness center, lounge, community BBQ and picnic area. The apartment homes, which range in size from 708-981 square feet, feature modern finishes, including stainless steel appliances and hardwood flooring.
Peloton is located near the Microsoft, Nintendo and Digipen Institute of Technology campuses and Redmond Town Center. Directly adjacent to Marymoor Park, and surrounded by local wineries and the Redmond Ridge golf course, the apartment community is conveniently accessible to the I-5 and I-405.
“The sale of Peloton Apartments provides Grosvenor with additional capital to reinvest in the Puget Sound region where it has been acquiring value-add rental properties for more than a decade,” said Mark Purdy, vice president of investment, Grosvenor Americas. “We continue to expand our acquisition program throughout North America for opportunistic investments.”
Kirkland, Wash.-based Turning Point Realty Advisors advised G.W. Williams with its acquisition of this property.
Grosvenor owns 2,261 multifamily rental units in Canada and the USA.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
