Raelcorp Acquires Site in Bellingham for Student Housing Development
DALLAS, July 10th, 2015 – Rael Development Corporation (“Raelcorp”) and RDC Fund XI, Inc. are pleased to announce that they have acquired a 2.87 acre site in Bellingham, WA, home of the Western Washington University (enrollment size ~15,000) for the development of a 145-unit, 423-bed luxury student housing project. The property is in a prime location just 2 blocks from campus and 2 blocks from the vibrant downtown area.
The student housing development, known as Gather Bellingham, will offer students uniquely designed floor plans that are fully furnished and leased by the bed to ensure privacy at the highest level.
The project will also be designed to fit Bellingham’s distinct culture, featuring creatively designed social, entertainment and study amenities, with a rooftop deck, fitness center and private courtyard. The high quality development is set to offer plenty of opportunities for students to meet, study and express their creative spirit all within walking distance to the best of Bellingham.
Project delivery is scheduled for Summer 2017.
Graeme Rael, Principal of Rael Development Corporation said, “We are very pleased to have completed this transaction and add to our growing portfolio of student housing projects, each with its own distinctive character and sense of style.”
About Rael Development Corporation
Rael Development Corporation (Raelcorp) is a privately-held real estate company focused on the development, investment and management of commercial real estate. Founded in 1977, the firm has acquired and developed an array of trophy properties in select markets across the country. The company is guided by its experienced senior leadership along with a dedicated staff of veteran real estate professionals. The company maintains offices in Newport Beach, California and Dallas, Texas. For more information on Raelcorp, please visit the company website at www.raelcorp.com or send us an email at firstname.lastname@example.org.
About RDC U.S. Real Estate Funds
RDC U.S. Real Estate Funds (RDC) are a series of private equity partnerships established by the Principals of Rael Development Corporation, that invest in well located real estate assets in the United States. Investments have included existing value-added multi-family properties, opportunistic retail strategies and ground-up Class A student housing.
Karah Rathmell | Director Marketing & Communications
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