Greystar to Redevelop Student Housing Near UW
Greystar was selected, along with the development firm’s nonprofit partner, Provident Resources Group, by the University of Washington’s Board of Regents to lease four University-owned student housing properties.
In addition to taking over management of the Nordheim Court and Radford Court buildings, Greystar will also redevelop Blakeley Village and Laurel Village into larger housing properties. CBRE’s Northwest multifamily team advised UW in its search for a developer.
Greystar began the preliminary permit process last month, submitting paperwork to redevelop the two older student housing properties which are located near the campus. Provident will serve as the lessee and borrow the proceeds of tax-exempt bonds to fund the redevelopment.
Redevelopment plans include updating the 80-unit Blakeley Village into an approximately 1,000 single-student apartment property and transforming Laurel Village from an 80-unit student family building into a community of nearly 350 apartments. Both are expected to be completed by the summer of 2028.
