Grosvenor, a privately owned international real estate company, has acquired its latest multifamily value-add property – Grosvenor Tower, a 237-unit apartment building located at 10301 Grosvenor Place in North Bethesda. According to a BizJournals report, the building has sold for approximately $95.3 million and Grosvenor plans to invest as much as $10 million in improvements.
Per Grosvenor: The 21-story building, which coincidentally shares the Grosvenor name, fits Grosvenor’s investment strategy of acquiring and improving existing high-quality multifamily properties in its coastal gateway markets. Known for its commitment to long-term sustainability, Grosvenor plans to significantly lower the carbon profile of the property while investing in upgrades to modernize common areas and improve apartment interiors. Grosvenor completed the acquisition with a long-term partner.