Archstone, a Colorado-based developer, acquired the 20-story Archstone Grosvenor Tower in Rockville, MD, from Charleston, SC-based Greystar Real Estate Partners LLC for $75.5 million, or about $318,565 per unit.
The 237-unit apartment complex at 10301 Grosvenor Lane delivered in 1987 and was renovated in 2008. It totals 291,945 square feet and is managed by Archstone Grosvenor Tower, according to CoStar information. Grosvenor Place has units with up to two bedrooms and 1,148 square feet. Rents for two-bedroom units start in the $2,400 per month range. The community includes a swimming pool, sundeck and a business center.
Al Cissel and Scott Melnick of Jones Lang LaSalle represented the seller, while no buyer's broker was involved.
Please see CoStar COMPS #2539072 for more information on this transaction.