Grosvenor Americas just scooped up San Jose's 432-unit Waterstone Apartment Homes. The 22-acre site houses 43 two-story residential buildings in a park-like setting (we can almost hear that bubbling brook). Grosvenor spent $160M on the site and plans to spend more than $16M on capital improvements that will include a new freestanding leasing facility, upgraded fitness center and interior suite modernization. Its value-add potential and proximity to public transit and major employers made it a smart move, says the firm.

Grosvenor now owns (wholly or in JVs) nearly 2,700 multifamily units in the US and Canada. Last year, Grosvenor VP of development in S.F. Steve O'Connell gave us the tour of 1645 Pacific, a six-story condo oasis at the intersection of Nob Hill, Pac Heights and Russian Hill—Grosvenor's first residential effort in S.F. In addition to Waterstone, Grosvenor owns Trailside Terrace, a 195-unit community in Belmont that was recently renovated.