Build-to-rent housing specialist Greystar Real Estate has signed an agreement with Dutch developer Stebru for the acquisition of 406 private-sector rental flats in Levels, a new development in The Hague, for an undisclosed amount.
Levels, developed by Stebru in collaboration with Vestia and the Municipality of The Hague, comprises 548 rental homes, 142 of which will be low-rent apartments to be sold to a social housing company. Greystar will acquire the remaining 406 units, including 162 in the affordable mid-priced segment.
The complex, which includes residents’ facilities and public amenities, is within easy reach of public transport, as it is located right next to Moerwijk station in the South-West of The Hague.
The tallest tower of the complex will be a 100-metre high landmark, while the other high-rise buildings will be between 40 and 70 metres high. On the ground floor of the development there will be facilities for local residents, including parking, office space, meeting rooms as well as restaurants and cafes. The roof of the parking garage will be turned into a green garden.
The development fits in with the municipality’s focus on affordable housing as well as sustainability and its goal to make The Hague an attractive residential city.
The planned completion date for Levels is mid-2025.
Levels is the second collaboration between Greystar and Stebru after the completion last year of OurDomain Rotterdam Blaak, a large-scale residential complex in the centre of Rotterdam.
This latest investment in the Netherlands, where Greystar has had a strong presence for years, is part of its pan-European residential investment strategy.
Last month the company entered into a £2.2 billion strategic partnership with the Abu Dhabi Investment Authority. The joint venture plans to develop build-to-rent projects in London and surrounding commuter towns.