Grosvenor Americas acquired the 101-unit Bellevue townhouse project Somerset Green from Carmel Partners for about $40M, and plans $5M in upgrades to the 1980s-vintage property near Newport High School.
Somerset Green, at 4249 129th Place SE, consists of 18 buildings on seven acres. Grosvenor GM Mark Purdy says the further development of office and retail properties in the area will spur demand for rental properties, the Puget Sound Business Journal reports.
The S.F.-based company's Puget Sound area portfolio now totals nearly 1,500 units. [PSBJ]
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