Rental housing investor, developer, and manager Greystar acquires The Orchard I, a residential site comprising 407-apartments in the sought after area of Bogaard city centre in Rijswijk. The developer acquired the building from 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 The Orchard I scheme will range in size from 45 to 120 m2, with the site including approximately 400 m2 of communal spaces. A newly built retail square with terraces and indoor bicycle parking will also be developed.
There will also be over 200 car parking spaces in the garage, 102 of which are intended for the adjacent residential building, The Orchard II. The 75-apartment building has been purchased by MN Dutch Real Estate on behalf of PMT, with apartments ranging in size from 50 to 100 m2 and 600 m2 reserved specifically for hospitality businesses.
“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.”Mark Kuijpers, Managing Director (MD) – Central Europe, Greystar
Ideally located in the fast-growing neighbourhood of Bogaard, the city has already undergone significant development to become a key area in Rijswijk – a green and contemporary city centre with attractive public spaces. Part of the transformation also includes the development of a mixed residential, business and shopping area, putting hospitality and local businesses at the forefront.
The acquisition of The Orchard I builds on Greystar’s pan-European strategy to address the current undersupply and demand for rental homes across cities. The Build to Rent scheme is targeted at middle-income earners and will focus on creating an ‘all-in’ living experience, cultivating a hub that residents are proud to call home.