Grosvenor Capital Corporation has acquired the 67-suite Bermuda Manor apartment building in Vancouver's affluent Kerrisdale neighbourhood for $12.9 million.
Five years ago Grosvenor began expanding its activities from extensive retail, office and industrial investments into residential. Since that time, Grosvenor has become one of the most active participants in the local residential market, financing and developing thousands of condominiums and lots in recent years.
Dan Walsh, President of Grosvenor Capital Corporation Walsh notes, "Kerrisdale is one of the City's premier residential areas and this property is very conveniently located within the neighbourhood, being just two blocks from the district's upscale, retail and restaurants on 41st Avenue." Walsh adds that he sees a lot of further potential in the property.
In the last year Grosvenor has made significant apartment investments in Seattle including the $65 million Chelsea complex in Kirkland and Walsh predicts the company will make further substantial apartment investments in the near future in Vancouver, Seattle and California.