US rental housing specialist Greystar Real Estate Partners has announced the acquisition of the MB275 mixed-use asset in The Hague on behalf of one of its clients.
MB275 is being sold by Dutch developer UrbanTTP for an undisclosed amount. The asset contains 234 apartments, a GP practice, pharmacy and healthcare offices.
The apartments will be furnished by Greystar into modern rental apartments for students and young professionals at an attractive, all-inclusive, price.
MB275 fits with Greystar's investment strategy to expand its presence in the Netherlands. Since Greystar opened its Dutch office in The Hague in 2015, it has established a portfolio of over 6,000 apartments for students, young professionals and families, of which 1,650 apartments are already operational, 2,500 are under construction and to be delivered over the next 18 months, and another 2,000 are under development. The portfolio is spread across Amsterdam, Utrecht, Rotterdam and The Hague.
Mark Kuijpers, managing director of Greystar Netherlands, said: 'The demand for well-managed, build-to-rent developments continues to rise across Europe and the Netherlands, driven by urban population growth, the growing number of single or two-person households, and the lack of attractive supply for the next generation of urban dwellers. MB275 marks the latest step from Greystar to provide critically-needed housing in the region as part of its European strategy, having already developed 5 sites in The Netherlands over the past 4 years. We have already seen significant resident interest in MB275 and look forward to officially launching early next year.'
