Grosvenor Americas has sold Wheelhouse Apartments of Fair Oaks, a 491-unit apartment building at 12105 Polo Drive in Fairfax, Va.
Grosvenor bought the property in 2014 and invested more than $7 million, improving the property’s amenity spaces and renovating unit interiors to a class A finish.
“A strategic objective of Grosvenor’s Investment team has been and continues to be acquisitions of apartment communities that we can re-position and enhance in strong markets within the Washington, D.C. region,” said Isaac Metzger, vice president of investment at Grosvenor Americas. “As we evaluated the market, we decided to sell this property in order to redeploy our capital as we seek new value-add opportunities with like-minded partners across this thriving region.”
Grosvenor’s local asset management team refurbished the property in 2016. Focused on tenant lifestyle enjoyment, the improvements included: conversions of racquetball and tennis courts to a prem
