SAN FRANCISCO - Grosvenor Americas (GA) has acquired Carlmont Woods Apartments in Belmont, CA, an affluent suburb within the San Francisco Bay Peninsula. This 11.5-acre garden apartment community with 195 studio and one-bedroom apartments was built in 1971 and enjoys an excellent location just 13 miles south of the San Francisco International Airport and only five minutes from both US 101 and I-280, the two major north-south freeways leading to downtown San Francisco, Palo Alto, Mountain View, and San Jose.
As part of the San Mateo submarket, Carlmont Woods is convenient to major high-tech employment centers including Oracle, Electronic Arts, Genentech, Sony, Visa, Gilead Sciences, and Life Technologies. While easily accessible to freeways and public transportation, Carlton Woods offers a low-density, quiet living environment within easy reach of extensive parkland, trails, and other outdoor recreational amenities.
GA plans to renovate the community’s apartment interiors and common amenities to a modern standard.
“This is Grosvenor’s first apartment acquisition in the Bay Area,” remarked James Delmotte, Senior Vice President, Investment, Grosvenor Americas. “We hope to continue to grow our multifamily portfolio in the future.”
“This represents a unique opportunity to acquire a low-density asset in the Bay Area,” added Peter Staver, Investments, Grosvenor Americas. “As one of the largest institutional properties in this affluent submarket, Carlmont Woods will offer best-in-class amenities and services compared to many of the smaller competitors in the immediate area.”
The property was marketed by Kara Wiard, Director at Eastdil Secured.
With the Carlmont Woods acquisition, GA now owns (wholly or in joint venture partnerships) almost 2,400 multifamily rental units in the US and Canada. The US holdings are focused on the San Francisco Bay and Puget Sound areas.
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities with 19 offices in 12 countries and assets in a total of 17 countries. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company - Grosvenor Fund Management - which manages capital on behalf of investors. As of December 31, 2012, the Group had total assets under management of US$19.9bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.