Greystar and Provident Complete Acquisition of Two Collegiate Communities at the University of Washington
Press Release
May 14, 2024
SEATTLE, WA – May 14, 2024 — Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences is pleased to announce that it has secured $183 million in tax-exempt bond financing and completed the acquisitions of Nordheim Court and Radford Court, two on-campus communities serving students, faculty, and staff at the University of Washington.
The communities are now owned by Provident Resources Group Inc., a non-profit organization registered under 501(c)(3), under a ground lease agreement with UW. They are managed and operated by Greystar's Student Living team.
Nordheim Court, built in 2003, consists of 454 apartment beds and will continue serving single upper-division UW students. Greystar assumed management on May 1. Starting this summer, their Pacific Northwest Construction team will begin enhancing both residential units and common areas over a three-year period.
Radford Court, built in 2000, provides housing for 399 UW students with families and staff. Rents are set below market rates, with around 127 apartments designated at 50% of the Area Median Income (AMI) for UW student families. Additionally, the facility includes a 77-space child-care center.
Greystar's Student Living team has expanded its operations with the addition of the two UW communities. This brings their total university partnerships to 26, comprising over 40 communities and nearly 27,000 on-campus beds. Beyond this, Greystar oversees more than 30,000 residential units in the Seattle area, which also includes two additional off-campus communities catering to UW students.
Aaron Keeler, Managing Director of Development and Jared Everett, Managing Director of University Partnerships, co-led the pursuit and worked with bond underwriters Barclays and Raymond James.
“We are excited to partner with UW and Provident to transform the resident experience at Radford and Nordheim through this innovative public-private partnership,” said Jared Everett, Managing Director of University Partnerships for Greystar. “UW is committed to providing quality, accessible, and attainable housing to its students, faculty, staff, and their families. We are thrilled to support them in achieving this goal.”
Chris Hicks, President of Provident Resources Group, reflected on the team’s collective experience saying, "It has been a pleasure to partner with the University of Washington, and the stellar team of professionals they assembled, to meet the University’s objectives of maintaining high-quality, affordable housing options that support the academic and personal growth of its students, while freeing up capital to advance the housing needs of the UW community. We look forward to continuing our work with the University and our outstanding partners at Greystar, furthering our mission to support educational institutions in their goals."
The acquisitions are Phase I of UW’s multiphase plan known as “UH4” to increase housing options and improve housing quality for UW students. Utilizing proceeds made available through this transaction, UW will develop additional on-campus undergraduate housing to accommodate enrollment growth, alleviate existing demand and provide additional bed capacity to support the replacement of existing residence halls. UH4 Phase II involves the redevelopment of two additional communities, Blakeley Village and Laurel Village, that have reached the end of their useful life. Greystar will serve as developer and property manager with Provident as the owner on a long-term ground lease with UW.
Blakeley Village, with its current 80 student family apartments, is set to undergo redevelopment, expanding to around 1,000 student apartment beds and expected to open in Summer 2028. Laurel Village, also with 80 student family apartments, will be transformed into approximately 350 apartments for UW students and student families. This redevelopment plan includes the addition of a 123-space child-care facility. Anticipated to open in Summer 2028, around 33 of these apartments will offer rents set at 50% of AMI for UW student families.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Provident
Provident is a national non-profit organization, formed in 1999, committed to making a positive impact in communities across the country through the development, ownership, and operation of state-of-the-art educational, healthcare, and governmental facilities. Since being founded in 1999, Provident has accessed over $6 billion in capital to fund its mission-based projects in 28 states and the District of Columbia that further develop the communities in which Provident is called upon to assist. Furthermore, Provident currently has approximately $4.85 billion in assets under management serving its missions, nearly 70% of which are higher education projects, including 26,300 beds of student housing.
Media Contact
Garrett Derderian
Senior Director, Head of US External Communications
garrett.derderian@greystar.com
The communities are now owned by Provident Resources Group Inc., a non-profit organization registered under 501(c)(3), under a ground lease agreement with UW. They are managed and operated by Greystar's Student Living team.
Nordheim Court, built in 2003, consists of 454 apartment beds and will continue serving single upper-division UW students. Greystar assumed management on May 1. Starting this summer, their Pacific Northwest Construction team will begin enhancing both residential units and common areas over a three-year period.
Radford Court, built in 2000, provides housing for 399 UW students with families and staff. Rents are set below market rates, with around 127 apartments designated at 50% of the Area Median Income (AMI) for UW student families. Additionally, the facility includes a 77-space child-care center.
Greystar's Student Living team has expanded its operations with the addition of the two UW communities. This brings their total university partnerships to 26, comprising over 40 communities and nearly 27,000 on-campus beds. Beyond this, Greystar oversees more than 30,000 residential units in the Seattle area, which also includes two additional off-campus communities catering to UW students.
Aaron Keeler, Managing Director of Development and Jared Everett, Managing Director of University Partnerships, co-led the pursuit and worked with bond underwriters Barclays and Raymond James.
“We are excited to partner with UW and Provident to transform the resident experience at Radford and Nordheim through this innovative public-private partnership,” said Jared Everett, Managing Director of University Partnerships for Greystar. “UW is committed to providing quality, accessible, and attainable housing to its students, faculty, staff, and their families. We are thrilled to support them in achieving this goal.”
Chris Hicks, President of Provident Resources Group, reflected on the team’s collective experience saying, "It has been a pleasure to partner with the University of Washington, and the stellar team of professionals they assembled, to meet the University’s objectives of maintaining high-quality, affordable housing options that support the academic and personal growth of its students, while freeing up capital to advance the housing needs of the UW community. We look forward to continuing our work with the University and our outstanding partners at Greystar, furthering our mission to support educational institutions in their goals."
The acquisitions are Phase I of UW’s multiphase plan known as “UH4” to increase housing options and improve housing quality for UW students. Utilizing proceeds made available through this transaction, UW will develop additional on-campus undergraduate housing to accommodate enrollment growth, alleviate existing demand and provide additional bed capacity to support the replacement of existing residence halls. UH4 Phase II involves the redevelopment of two additional communities, Blakeley Village and Laurel Village, that have reached the end of their useful life. Greystar will serve as developer and property manager with Provident as the owner on a long-term ground lease with UW.
Blakeley Village, with its current 80 student family apartments, is set to undergo redevelopment, expanding to around 1,000 student apartment beds and expected to open in Summer 2028. Laurel Village, also with 80 student family apartments, will be transformed into approximately 350 apartments for UW students and student families. This redevelopment plan includes the addition of a 123-space child-care facility. Anticipated to open in Summer 2028, around 33 of these apartments will offer rents set at 50% of AMI for UW student families.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $300 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 893,600 units/beds globally, and has a robust institutional investment management platform comprised of more than $78 billion of assets under management, including over $35 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Provident
Provident is a national non-profit organization, formed in 1999, committed to making a positive impact in communities across the country through the development, ownership, and operation of state-of-the-art educational, healthcare, and governmental facilities. Since being founded in 1999, Provident has accessed over $6 billion in capital to fund its mission-based projects in 28 states and the District of Columbia that further develop the communities in which Provident is called upon to assist. Furthermore, Provident currently has approximately $4.85 billion in assets under management serving its missions, nearly 70% of which are higher education projects, including 26,300 beds of student housing.
Media Contact
Garrett Derderian
Senior Director, Head of US External Communications
garrett.derderian@greystar.com