Greystar and MN Dutch Real Estate acquire The Orchard in Rijswijk
14 september 2023
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. Greystar acquired the building from Sterpassage Rijswijk, an affiliate of 3W real estate and AT Capital. In a separate transaction, MN Dutch Real Estate has acquired The Orchard II. The combined scheme adds over 500 apartments to the housing stock in the Haaglanden region which, like many cities in Europe, is characterised by a scarcity of high-quality rental housing. Capital Value advised on the sales transaction on behalf of 3W/AT Capital.
The Orchard I
The 407 apartments in The Orchard I will range in size from 45 to 120 sqm. The site will additionally include approximately 400 sqm of communal spaces. A newly built retail square with terraces and an indoor bicycle parking will also be developed. Additionally, there will 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
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 sqm. In The Orchard II, 600 sqm has been reserved specifically for hospitality businesses.
Bogaard is a fast-growing neighborhood already 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 shopping area, underpinned by an attractive hospitality concept within The Orchard scheme to create a community of businesses to service the residents.
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, cultivating a hub that residents are proud to call home.
Mark Kuijpers, Managing Director – 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. 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."