Greystar has completed the acquisition of The Orchard I, a residential site comprising 407 apartments in the sought after area of Bogaard city centre in Rijswijk in the Netherlands, financed by Rabobank.
Greystar acquired the building from Sterpassage Rijswijk, an affiliate of 3W real estate and AT Capital.
The acquisition builds on Greystar’s pan-European strategy to address the undersupply of high-quality and desirable rental accommodation in cities.
Targeted at middle-income earners, Greystar’s concept for The Orchard I will focus on creating an ‘all-in living experience'.
Bogaard is a fast-growing neighborhood. The 407 apartments will range in size from 45 to 120 m2. The site will additionally include approximately 40 0m2 of communal spaces.
Meanwhile, the Orchard II, consisting of 75 rental apartments, has been purchased by MN Dutch Real Estate on behalf of PMT, with apartments ranging in size from 50 to 100 m2. In The Orchard II, 600 m2 has been reserved specifically for hospitality businesses.
Mark Kuijpers, MD, Central Europe, 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.'
