Greystar signs agreement with Stebru for the acquisition of 406 rental apartments in The Hague Southwest
Greystar signs agreement with Stebru for the acquisition of 406 rental apartments in The Hague Southwest
Stebru develops Levels in The Hague Southwest: 548 rental apartments in the private and social segment including office space, small-scale businesses, and a parking garage
THE HAGUE, 12 JANUARY 2022 – Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announces it has signed an agreement with developer Stebru for the acquisition of 406 private-sector rental flats in the new development, Levels in The Hague. The agreement follows the recent successful co-operation between the two parties in the realisation of OurDomain Rotterdam Blaak, a large-scale residential complex in the centre of Rotterdam.
Levels is a development of Stebru in collaboration with Vestia and the Municipality of The Hague located right next to public transport station Moerwijk in the Southwest of The Hague. The total development comprises 548 rental homes across all segments of the rental market. Vestia is the buyer of the 142 apartments in the social segment, while Greystar will acquire the remaining 406 private rental homes, of which 162 are in the affordable mid-priced segment. The project includes residents' facilities and public amenities in the plinth of the building.
The development is designed as an urban entrance into The Hague Southwest including diverse functions and facilities for residents and the neighbourhood, such as parking, office space, small-scale business activities and most probably catering establishments. These facilities and activities will be located around the base of the high-rise buildings, which will be 40 to 70 metres high. The highest tower of the property is a 100-metre high landmark. A green roof landscape will be created on the roof of the parking garage.
Urban development integration
Levels is consistent with the municipal ambitions for this location in the city in terms of landscape, urban planning and architecture, and fits within the Municipality's Housing Agenda focusing on sufficient and affordable housing that contributes to the attractiveness of The Hague as a residential city. The design of Levels The Hague was created in collaboration with the Hague architectural firms HvE Architecten, A.P. Bontenbal Architecten, AAArchitecten and the urban designers of MUST.
Greystar's investment is part of its pan-European residential investment strategy. The intended completion date of Levels in The Hague is mid-2025. For the acquisition of the 406 rental units, Greystar was advised by Houthoff. Capital FIT supervised the Commercial sale on behalf of Stebru, with Holter Noordam lawyers as legal advisor for the contract design and formation.
Artist impression: Levels The Hague Southwest
About Greystar
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 approximately $230 billion of real estate in 215 markets globally including 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 754,000 units/beds, and has a robust institutional investment management platform with more than $49.9 billion of assets under management, including $22.6 billion of development assets. 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.