FAIRFAX, VA. — Grosvenor Americas, a privately owned commercial property investor and developer, has purchased Avalon Fair Oaks, a 491-unit apartment community in Fairfax, for $108.2 million. The asset is located on 13.5 acres at the corner of West Ox Road and Monument Drive in the Washington, D.C., suburb.
“This acquisition expands our residential investment portfolio across the U.S. It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, D.C., region, where we continue to seek additional opportunities,” says Scott Brody, senior vice president and general manager of Grosvenor Americas.
After renaming the community Wheelhouse of Fair Oaks, the new ownership plans to undertake significant renovations that include upgrades to interior home finishings, the fitness club, leasing office and other public spaces. Grosvenor Americas has tapped Thrive Communities Inc. to oversee renovations, leasing, property management and rebranding for the apartment community.
Built in 1987, Avalon Fair Oaks features a swimming pool and sundeck, clubhouse with free Wi-Fi, picnic area, 24-hour fitness center, tennis court, racquetball court and structured parking.
In addition to the new multifamily community, Grosvenor’s portfolio includes office, retail and hotel space in the Washington, D.C., metropolitan area. The company is also an active developer in the region.
Grosvenor partnered with The JBG Cos. in developing District, a boutique mixed-use development at 14th and S streets in Washington, D.C., which sold in late 2013 to J.P. Morgan. Grosvenor also owns Square 701, adjacent to Nationals Park in the resurgent Capitol Riverfront District, where it has planned a mixed-use residential/retail development. In the heart of Silver Spring, Md., at 8415 Fenton St., Grosvenor plans to develop 244 rental apartments and 18,000 square feet of ground-level retail space.
Grosvenor Americas has $2.4 billion in assets under management as of year-end 2013, and now owns (wholly or in joint venture partnerships) more than 2,850 multifamily rental units in the U.S. and Canada, with roughly 70 percent of these units located on the West Coast.
David Nachison and Alan Davis of HFF represented the seller in the disposition of Avalon Fair Oaks.
— John Nelson