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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  November 4, 2021
Sawyer Flats multifamily community in Gaithersburg, MD
Lisa McDuffie
By: Lisa McDuffie

Grosvenor Closes Sale of Sawyer Flats Multifamily in Gaithersburg

Grosvenor Americas has sold the Sawyer Flats residential community in Gaithersburg, MD, to an undisclosed buyer. Grosvenor acquired the 648-unit multifamily rental property on Mahogany Drive in 2015 under its Grosvenor Maple Leaf Ventures VIII, L.P., investment vehicle, which includes two global institutional partners.

Newmark represented Grosvenor in the sale transaction.

“Capitalizing on attractive demand metrics, as we also did with the recent sale of Fairfax, VA-located Wheelhouse apartments, allows us to pursue new value-add residential opportunities in the region with a focus on net zero,” said Grosvenor CIO Michael Beattie in regards to the sale of Sawyer Flats.

During its ownership of the property, the firm under its ESG program finalized an agreement with Montgomery County to offer several affordable units at Sawyer Flats. In addition, Grosvenor engaged with a local minority- and family-owned general contractor for property improvements in an effort to advance the company’s commitment to supply chain diversity.

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Inside The Story

Grosvenor Americas’ Beattie

About Lisa McDuffie

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.
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