Greystar Real Estate Partners has acquired a 234-unit residential development in Hamburg's up-and-coming Harburg district as part of its develop-to-core venture with a global institutional investor to build a diversified, high-quality rental apartment portfolio in Germany and Austria.
The forward purchase transaction with developer BPD is the first major development project in Germany and Austria acquired by global residential investor Greystar and follows a purchase in Frankfurt (LY30) and a development in Vienna (District Living).
The asset contains 234 residential apartments with a mix of studio, one-, two- and three-bedroom floorplans. Greystar plans to add approximately 2,060 square meters (22,175 square feet) of retail space on the ground floor, 28 parking spaces and approximately 400 square meters (4,305 square feet) of social space including a resident’s lounge, co-working area and a private gym to the development in Hamburg.
Strategically located wit
