LYNWOOD, WA-A joint venture of Grosvenor Americas and Mosaic Homes of Seattle has acquired the 164-unit Woodcreek Apartments in this Seattle in an acquisition that reflects Grosvenor’s strategy in the Puget Sound market. The acquisition “meets our strategic objective of building a portfolio of value-add rental properties in the Puget Sound region,” said James Delmotte, SVP of Investments for Grosvenor Americas. Terms of the deal were undisclosed, but sources say the new owners paid $21 million for the apartment complex, which they bought from Palo Alto, CA-based Pacific Property Co.

Delmotte points out that the Seattle metropolitan area is expected to attract some 83,000 new residents between the ages of 20 and 34 over the next five years, creating demand for at least 25,000 new rental apartments, based on historical trends. “However, only 21,000 new rental units are expected to become available during that time. These projections bode well for the future of well-located, well-maintained multifamily communities in the region,” Delmotte said.

The Woodcreek property, at 14610 Admiralty Way, is the second acquisition that Grosvenor Americas has closed in partnership with Mosaic. In mid-2010, the joint venture acquired Northshore Townhomes, an 86-unit luxury rental townhome project at 18505 71st Ave. NE in the Seattle-area city of Kenmore.

Woodcreek, which was built in 2000, is situated 1.5 miles north of the I-5 and I-405 junction, less than a half mile from Highway 99, which is lined with shops, restaurants, and services. Alderwood Mall, the major shopping destination for the northern Puget Sound region, is 2.5 miles away. Also nearby are major employment centers including Boeing and Microsoft. Including Woodcreek and Northshore Townhomes, Grosvenor Americas now owns (wholly or in joint venture partnerships) seven multifamily properties with a total of 1,065 units in the greater Seattle area.

In the Woodcreek acquisition, the Grosvenor Americas–Mosaic joint venture was represented by Graham Maloney of Greene Radovsky Share & Hennigh LLP. Pacific Property Co. was represented by Dave Schumacher and David Mortensen of Columbia Partners LLC.