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December 9, 2015

Grosvenor pays $40M for Somerset Green

By JOURNAL STAFF

Photo from Grosvenor Americas [enlarge]

Grosvenor Americas bought Somerset Green, a 101-unit townhome community in the Newport area of Bellevue, for $40.2 million from Carmel Partners.

Somerset Green has 18 two- and three-story buildings on 7 acres at 4249 129th Place S.E. Units range from 922 to 1,378 square feet. Rents for the largest units start at $2,810 a month, according to the development's website.

Grosvenor said in a release it will spend $5 million to upgrade exteriors, interiors and landscaping.

“Somerset Green is a strategic acquisition for our portfolio of multifamily properties in the Puget Sound region,” said Mark Purdy, general manager and vice president of investment for Grosvenor. “Significant new commercial development is emerging in and around Bellevue, including the expansion of Lincoln Square and the Spring District.”

Grosvenor has about 3,350 rental units in the U.S. and Canada, including 1,500 in the Puget Sound region. It owns Campbell Run (Woodinville), Chelsea at Juanita Village (Kirkland) and Bridges at Northcreek (Bothell).

Grosvenor Americas is part of Grosvenor Group, an investment and development company with 17 offices in 11 countries.

Carmel Partners is based in San Francisco and has an office in Seattle.

Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia represented Carmel in the Somerset Green deal.




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