Netherlands: Greystar has acquired The Orchard I, a 407-unit BTR scheme in the Bogaard city centre neighbourhood of Rijswijk.
The vendor was Sterpassage Rijswijk, an affiliate of 3W real estate and AT Capital. Financing for the construction of The Orchard I will be provided by Rabobank.
The apartments in will range in size from 45 to 120 square metres, with the site including around 400 square metres of communal spaces. A newly built retail square with terraces and indoor bicycle parking will also be developed.
There will also be more than 200 car parking spaces in a garage, 102 of which are intended for the adjacent residential building, The Orchard II, a 75-unit building which has been purchased by MN Dutch Real Estate on behalf of PMT. Its apartments range in size from 50 to 100 square metres.
Mark Kuijpers, managing director – Central Europe, at Greystar, said: “We continue to seek out attractive opportunities to grow our footprint across Europe, recognising the unabating demand for rental housing in emerging and existing city centres. We look forward to taking the Orchard I site forward, with the aim of cultivating a vibrant and well-amenitised community in an increasingly attractive area. Given our proven track record in the Dutch market, we are strongly positioned to deliver high-quality accommodation at scale and look forward to collaborating with MN to regenerate the wider scheme.”
The acquisition builds on Greystar’s pan-European strategy to address the current undersupply and demand for urban rental homes across cities. The scheme is targeted at middle-income earners and will focus on creating an “all-in” living experience.
