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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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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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