University of Washington Phase II Student Housing Project
In May 2025, Provident was proud to join the University of Washington on the second phase of our partnership. Blakeley and Laurel Village will provide much-needed housing for students, faculty and staff of UW’s flagship Seattle campus.
Project Completion
and Impact Overview
Upon completion, the redevelopment of Blakeley and Laurel Villages will deliver modern, affordable on-campus housing designed to serve both student families and single graduate students. The Project will feature updated amenities, dedicated childcare facilities, improved green spaces, and community-focused design. These enhancements will provide a cost-effective alternative to Seattle’s off-campus market, while supporting student and faculty well-being and long-term campus housing goals.
Financing
On May 29, 2025, Provident and the University of Washington reached financial close on $498,410,000 in senior and subordinate nonprofit revenue bonds issued through the Washington State Housing Finance Commission. Barclays and Raymond James served as co-senior underwriters on the offering. The Bonds received a BB+ underlying rating from S&P, while Build America Mutual provided AA rated bond insurance for $296.84 million of the bonds.
Development &
Management
GDSU Washington, LLC served as Developer, while GREP Washington, LLC will serve as manager on the Projects. Both entities are affiliates of Greystar Real Estate Partners, LLC.
Community Impact
Provident’s work across 2 phases of Projects in partnership with UW will ultimately provide for a total of 2,620 beds of quality, cost-effective housing, along with childcare and other amenities, for key members of the UW community.