WASHINGTON, DC—Grosvenor Americas has acquired The Crossings at Washingtonian Center for $146 million. The seller is Quadrangle Development. In October we reported that a source told us Quandrangle had this apartment building, which is located at 9806 Mahogany Dr., under contract along with another apartment property located at 9900 Shelburne Terr.
Grosvenor is planning a renovation of the property. Leasing will be handled by Thrive Communities, which manages apartment for Grosvenor in Washington state and Virginia.
Grosvenor added its first multifamily property to its local portfolio in August 2014 when it acquired Wheelhouse at Fair Oaks for $108.2 million.
Grosvenor also has mixed-use projects under development in the Capitol Riverfront District and Silver Spring, MD called f1rst and Central, respectively.
Grosvenor also runs a Structured Development Financing program that provides financing to residential and mixed-use developers. It most recently providing $20 million in financing for PN Hoffman's Parcel O-1 at The Yards in southeast Washington DC.
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