Greystar acquires MB275 in The Hague developed by UrbanTTP
JANUARY 9, 2020 – Greystar Real Estate Partners, LLC (“Greystar”), the global leader in rental housing, on behalf of its affiliates, today announces the acquisition of MB275 through one of its managed funds. MB275 is based in The Hague and is sold by UrbanTTP BV, a developer specialised in the development of rental apartment buildings and hotels in the Netherlands.
MB275 is an existing building developed by UrbanTTP containing 234 apartments, a GP practise, pharmacy and healthcare offices. The apartments are currently being furnished by Greystar into modern rental apartments for students and young professionals at an attractive, all-inclusive, price point. This will create 234 stylish studio and two-bedroom apartments which will be furnished with high-quality fittings. The site will feature state-of-the-art amenities including a gym, roof terrace, courtyard, garden, bicycle storage, car park, onsite security and a service desk. Supporting health and sustainable living, MB275 will also feature bicycle renting and electric shared car schemes which will be accessible via smartphone apps.
MB275 is in the Leyenburg district, offering residents quick transport links via the RandstadRail tram which is within close walking distance. Residents will have easy access to The Hague’s city centre, The Hague University, business district, beachfront and other important hubs for residents to work and socialise.
MB275 fits with Greystar's investment strategy and commitment to expanding its presence in the Netherlands, a market which is in need of attractively priced, high-quality housing solutions for young people following significant urban population growth in recent years. Greystar is excited to provide residents with high quality living. 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 spreads 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."
Apartments will be available from Q1 2020 and can be reserved here https://mb275.nl/. The deadline for signup is 5 December at 12.00, after which signups will be put on a waiting list.
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Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $160 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $36.1 billion of assets under management, including nearly $14.2 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com