Leading investor and developer Greystar is acquiring The Orchard I build-to-rent site in Bogaard city centre in Rijswijk, the Netherlands.
Greystar acquired the development from Sterpassage Rijswijk, an affiliate of 3W real estate and AT Capital.
The 407 apartments in The Orchard I will range from 45 to 120 square meters. The site will include approximately 400 square meters of communal spaces.
A new retail square with terraces and an indoor bicycle parking will 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 Orchard II, consisting of 75 rental apartments, has been purchased by MN Dutch Real Estate on behalf of PMT. It features apartments from 50 to 100 square meters, while 600 square meters have been reserved specifically for hospitality businesses.
Fast-growing neighbourhood
Bogaard is a fast-growing neighbourhood. It is undergoing significant development to become a lively, green and contemporary city centre with attractive public spaces. Part of its current transformation includes the development of a mixed residential, business and also a shopping area. This is underpinned by an attractive hospitality concept within The Orchard scheme to create a community of businesses.
Orchard I all-in living experience
The acquisition builds on Greystar’s pan-European strategy to address the undersupply of high-quality and also 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, cultivating a hub that residents are proud to call home.
Mark Kuijpers, Managing Director — Central Europe, Greystar, says, “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.”
Financing for the construction of The Orchard I will be provided by Rabobank.
