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.
Last year, Grosvenor and two Canadian pension funds concluded a 10-year value-add program, which acquired and sold C$910m in income-producing assets including 2,650 multifamily units in Washington, D.C., Seattle and San Francisco. Working with existing and new co-investment equity partners, Grosvenor is striving to acquire $1 billion in value-add assets over the next few years. The program will be guided by the firm’s commitment to achieving net zero operational carbon emissions by 2030. “As the real estate market and the economy begin to slow, we are well positioned to purchase and enhance properties like Grosvenor Tower over the next 12-to-24 months,” said Scott Brody, SVP of Investment and GM of Grosvenor’s D.C. office. “We’re excited to invest in sustainable, contemporary upgrades that improve the lives of residents and align with our long-term sustainability commitments.”
The Tower features one and two-bedroom apartments just a brief walk from a nearby Metro Station. Grosvenor plans to add Electric Vehicle charging stations, upgrade to LED lighting and install low-flow water fixtures among other measures. The company also plans to implement a supply chain diversity program to ensure minority and women owned vendors are fairly represented in remodel work and ongoing building operations. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management.
North Bethesda, a vibrant suburb of Washington, D.C. in the heart of Montgomery County, is located close to public transportation and key employment hubs in Maryland, Northern Virginia, and Washington. Grosvenor Tower was originally built in 1987, renovated in 2008, and includes 80 one-bedroom, one-bath apartments and 157 2-bedroom, 2-bath apartments. Grosvenor has owned and operated property throughout the Washington area since 1986 and has developed notable residential mixed-use projects such as F1RST in Navy Yard, District Apartments in the U Street Corridor, City Homes in Eckington and Central in Silver Spring, MD. Grosvenor is also currently building a 240-unit residential development at 340 Morse Street in Union Market and is working on a residential and school mixed-use redevelopment project in Georgetown.
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17th Annual Kensington Day of the Book Festival
Now in its 17th year, the Kensington Day of the Book Festival is a family-friendly street festival featuring 150+ renowned authors, poets, and literary organizations. Enjoy live music on five stages, special guest speakers, military veteran writers and comedians, poetry readings, cookbook demos, children's program, and much more.
Admission is free, and attendees will also be able to explore a marketplace of books and food offerings from local vendors.
Not your average book festival! This festival offers something for everyone!
17th Annual Kensington Day of the Book Festival
Sunday, April 21, 2024, 11am-4pm (held rain or shine!)
Howard Avenue, Kensington, MD 20895
www.dayofthebook.com
Instagram: @kensingtonbookfestival
Contact: Elisenda Sola-Sole, Festival Director
301-949-9416 (text preferred)
FEST OF SPRING Caribbean Wine Food & Music Festival
Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.
Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.
Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.
Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.
As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.
Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.
LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!
MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME
2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES
KIDS 12 & UNDER FREE!!!
