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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.

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