SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle.
The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties.
Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer.
Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center.
These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand.
The second phase of UH4 will include the redevelopment of two additional communities, Blakeley Village and Laurel Village. Greystar will serve as developer and property manager for this project, with Provident once again acting as owner on a long-term ground lease with the university.