Commerz Real and Wertgrund have bought a 10,700sqm residential complex in Munich for €49.6m from Isaria Wohnbau.
The complex in the Diamaltpark quarter is expected to be completed by the end of 2021 and will have 146 apartments.
Diamaltpark is a new quarter with a total land area of some 79,000sqm, currently being developed by Isaria Wohnbau.
Commerz Real said the asset will be added to the open-ended HausInvest real estate fund. Wertgrund will then assume responsibility for the leasing and property management.
Mario Schüttauf, a fund manager for the HausInvest fund, said: “We are creating affordable apartments, and above all for families, in a sought-after urban location.”
“Of the 146 apartments in the construction project acquired by Commerz Real and Wertgrund Immobilien 113 are to be publicly subsidised (income-based funding) and 33 price-subdued under the Munich Model for Tenants.”