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Grosvenor Americas Divests from 491-Unit Apartment Property in Fairfax
Privately-owned international property group Grosvenor Americas has divested from Wheelhouse Apartments of Fair Oaks, a 491-unit apartment property in Fairfax, VA. The buyer was not disclosed.
Located at 12105 Polo Drive, the property was refurbished in 2016. Grosvenor invested more than $7 million improving the property’s amenity spaces and renovating unit interiors to a Class-A finish. Improvements included conversions of racquetball and tennis courts to a premium fitness center and outdoor amenity space with fire pits, grilling stations and bocce courts, extensive landscape upgrades, and the addition of a new dog park and dog spa.
“A strategic objective of Grosvenor’s Investment team has been and continues to be acquisitions of apartment communities that we can re-position and enhance in strong markets within the Washington, D.C. region,” said Isaac Metzger, vice president of investments at Grosvenor Americas. “As we evaluated the market, we decided to sell this property in order to redeploy our capital as we seek new value-add opportunities with like-minded partners across this thriving region.”
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