US residential specialist Greystar has expanded its OurDomain platform in the Netherlands with the acquisition of a 37,000sqm development site.
The asset manager said the site, which it bought at Europalaan 30 and 34 in Utrecht, is part of the Merwedekanaalzone urban renewal area, a large inner-city redevelopment site.
Greystar plans to develop the site into a residential complex made up of different types of rental apartments, including services and facilities. No financial details were disclosed.
The development, which will be known as OurDomain Utrecht Merwede, is expected to be operational by the end of 2023.
Currently, the OurDomain platform in the Netherlands includes the former Campus Diemen Zuid, OurDomain Amsterdam South East and OurDomain Blaak.
Greystar co-invests and manages OurDomain on behalf of investors.