"Maravilla aligns well with our strategy of investing in well-located residential projects with reputable developers that share a mutual commitment to quality and integrity," said Darley.

Situated 10 miles north of San Jose and 35 miles south of San Francisco, Maravilla is located just one mile from the Google corporate headquarters and near other notable technology companies including Amazon, Facebook and Apple. Mountain View provides easy access to major interstates and local freeways including US Highway 101, and the Caltrain commuter rail connecting commuters and travelers to the transit route from San Francisco to San Jose.

"Grosvenor Americas' financial stability and extensive property experience across North America is a great benefit to our team," said Josh Vrotsos, director of acquisitions at Dividend Homes. "We pride ourselves on creating value and long-term enjoyment for our homeowners and these values are just as important to Grosvenor. We are eager to start development and sales at Maravilla which will contribute to our joint success."

Hipsturbia, the live-work-play districts that spurred 24-hour downtowns in the 1990s, has spread to many suburban communities that are seeking to become hip destinations or hipsturbs of their own right. The key to success: transit access, walkability, and abundant retail, restaurant and recreation options, according to ULI's latest Emerging Trends report.