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SAN FRANCISCO-Grosvenor has formed a partnership with Rockwood Capital LLC to acquire and renovate multifamily properties in the Seattle area. The two locally based companies have stoked the partnership with two properties Grosvenor previously acquired and renovated–the 90-unit Ascent Apartments and the 140-unit Sancerre Apartments, both located in the eastside suburb of Kirkland.

Grosvenor’s Vancouver, BC-based senior investment manager Christina Laing tells GlobeSt.com the JV will focus on acquiring rental apartment communities in the Seattle area that have significant potential to increase value through renovation, repositioning and active management. The partnership, which has approximately $100 million of equity to leverage, is looking for properties with more than 100 units. Its sweet spot for deal size is north of $20 million, she says.

Grosvenor is a privately owned group of international property businesses with some $30 billion in assets under management. Rockwood Capital LLC is a privately held real estate investment company that manages funds on behalf of high-net-worth individuals and institutional investors. The company currently manages $2.7 billion of equity commitments.

Grosvenor acquired Ascent in 2004 and Sancerre in 2006 and spent some $20,000 per unit on renovations. The work included a rebranding, a complete exterior upgrade and full unit renovations. The properties were built in the 1980s. Ascent has been stabilized for about a year and the other was only recently leased up.

Grosvenor and Rockwood have worked together in the past, but not for some years. Grosvenor owns a 33% stake in the partnership and will act as the property’s asset manager. The IRR goal is in the mid-to-high-teens on a leveraged basis for a five-year hold, Laing says.

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