FAIRFAX, VA—Grosvenor Americas has joined the local party. The company has made selective investments in the DC area over the years but not in the multifamily space. That changed when the company announced on Friday that it closed on Avalon Fair Oaks, a 491-unit apartment community here for $108.2 million or $220,367 per unit.

David Nachison and Alan Davis of HFF represented the seller, AvalonBay Communitiees, in the transaction. The property, located at 12105 Polo Dr., last traded in November 2009 for $71 million.

Grosvenor has $2.4 billion in assets under management and now owns, either wholly or in joint venture partnerships, more than 2,850 multifamily rental units in the US and Canada. The majority of these -- some 70% -- are located on the West Coast.

"This acquisition expands our residential investment portfolio across the US," says SVP and General Manager Scott Brody, in a prepared statement. "It fits well with our strategic objective to acquire value-add apartments in strong markets within the Washington, DC region, where we continue to seek additional opportunities."

Grosvenor plans to rename the property Wheelhouse of Fair Oaks and make some significant upgrades.

Grosvenor has a robust pipeline for the area. It owns Square 701, next to Nationals Park in the Capitol Riverfront District, where it has planned a mixed-use residential/retail development. In Silver Spring, MD, at 8415 Fenton St., Grosvenor plans to develop 244 rental apartments and 18,000 square feet of ground-level retail space.