Greystar Real Estate Partners has acquired a 12-storey residential property in Frankfurt from AviaRent Invest.

The residential real estate investor said it has bought the 8,500sqm LY30 Frankfurt asset located at Lyoner Strasse 30 in the Lyoner Quartier.

The asset comprises 182 residential apartments constructed in 2016 and Greystar said it will focus on renovating the building.

Thomas Wünsche, Greystar head of Germany and Austria said: “Greystar is committed to developing and operating the best-in-class managed housing across Europe and in the German-speaking markets.”

Wünsche said the acquisition of LY30 represents a continuation of Greystar’s strategy of acquiring high-quality assets with value-add upside.

“We see great opportunity to reposition the asset through capital investments and proactive management, ultimately delivering a modern asset with associated amenity space and on-site service that is unique and desirable in the Frankfurt market.”

Yenna Haack, CIO AviaRent Invest, said: “With the development of the micro-apartment complex LY30 we have created substantial value for our investors.

”We are excited about Greystar’s plans to continue the development of LY30 by, for instance, creating amenity spaces for the tenants and having staff on-site.”