Greystar Real Estate Partners, LLC has secured $183 million in tax-exempt bond financing and completed the acquisitions of Nordheim Court and Radford Court, two on-campus communities at the University of Washington.
Nordheim Court and Radford Court are now owned by Provident Resources Group Inc., a nonprofit organization, under a ground lease agreement with UW. Greystar’s Student Living team manages and operates them.
Greystar’s Pacific Northwest Construction team will enhance both residential units and common areas over a three-year period. Greystar oversees more than 30,000 residential units in the Seattle area, which also includes two additional off-campus communities catering to UW students.
The acquisitions are Phase I of UW’s multiphase plan known as “UH4” to increase housing options and improve housing quality for UW students. UH4 Phase II involves the redevelopment of two additional communities, Blakeley Village and Laurel Village.
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 $150 billion of real estate in over 185 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 $35.8 billion of assets under management, including nearly $13.9 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.
