Grosvenor Acquires $95M North Bethesda Residential Tower, Plans Sustainable Renos
Washington, DC-based Grosvenor has acquired Grosvenor Tower, a 237-unit apartment building located at 10301 Grosvenor Place in North Bethesda, MD. According to published reports, the asset traded for $95 million.
Grosvenor completed the acquisition with a long-term partner and has engaged Bozzuto Management to oversee day-to-day property management.
Grosvenor plans to significantly lower the carbon profile of the 21-story building, which coincidentally shares the Grosvenor name, with sustainable improvements in line with Grosvenor’s 2030 World Green Building Council Net Zero commitment.
The company also plans to implement a supply chain diversity program to ensure minority and women owned vendors are fairly represented in remodel work to modernize common areas and improve apartment interiors and ongoing building operations.
Last year, Grosvenor and two Canadian pension funds concluded a 10-year value-add program, which acquired and sold $910 million in income-producing assets, including 2,650 multifamily units in Washington, DC, Seattle, WA and San Francisco, CA.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.