Greystar Breaks Ground on Birchway Angle Lake

SEATTLE, Oct. 10, 2024 /PRNewswire/ -- Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, in partnership with GMC Projects, a Canadian-based real estate developer, are pleased to announce the groundbreaking Birchway Angle Lake, a new apartment community at 19825 International Boulevard in SeaTac, WA for which Greystar will be the lead developer and builder. The project represents the second transaction capitalized in a strategic venture with Whitman Peterson.

Birchway by Greystar invites residents to enjoy comfort in suburban garden-style communities, providing practicality, tranquility, and convenience. Rooted in community, the Birchway brand offers the conveniences of the city without city prices.

"We are extremely proud to bring Birchway Angle Lake to Washington state and SeaTac," said Aaron Keeler, Managing Director of Development at Greystar. "Focusing on providing new apartments at attainable rent levels, we worked with Whitman Peterson to secure equity financing. We'd also like to thank GMC Projects for their partnership and help in finding a creative deal structure that worked for all partners."

Birchway Angle Lake will offer 289 apartments in studio, one- and two-bedroom layouts. It will also feature top-notch amenities like a large rooftop deck with views of Puget Sound and Mt. Rainier, a well-equipped gym, coworking areas, creative space, private work pods and a TV lounge.

The community is close to hundreds of thousands of jobs at the expanding SeaTac airport and thriving industrial hubs. The site is conveniently located across the street from the Angle Lake light rail station, connecting the community to cultural, employment, shopping and higher education options in Seattle, Bellevue and Tacoma. The community also offers easy accessibility to all parts of the region with nearby access to I-5, I-99 and I-90.

Birchway Angle Lake design team included Weinstein A+U Architects, CT Engineers for structural engineering, Karen Kiest for landscape architecture and Lair Design for interior design. GMC Projects acquired the site in 2019 and secured the entitlements. Greystar is the project's vertical venture developer, general contractor and property manager.

Pre-leasing for Birchway Angle Lake is expected to begin in early 2026, with the community scheduled for completion in mid-2026.

About Greystar

Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.

About Whitman Peterson

Whitman Peterson ("WP") is an institutional real estate investment company, making and actively managing opportunistic real estate investments on behalf of institutional investors. The firm focuses on highly strategic GP-aligned partnerships with some of the nation's top vertically integrated real estate companies in its target sectors. Across all Whitman Peterson's funds and GP-aligned partnerships, the firm has made more than 300 investments, in transactions involving more than $30B of total capitalization. Whitman Peterson is headquartered in the Greater Los Angeles area. For more information, please visit WP's website.

About GMC Projects

GMC Projects ("GMC") is a privately owned Canadian based real estate development, construction and property management company that has become known for creating high-quality, award-winning projects with a specialty in mixed-use residential developments. GMC's current pipeline includes residential apartments as well as commercial and institutional space in the Vancouver and Greater Victoria markets. GMC is headquartered in Esquimalt, B.C. To learn more, please visit GMC Projects website.

SOURCE Greystar