CBRE Investment Management, on behalf of a sponsored fund, has acquired a 170 apartment build-to-rent (BTR) asset under construction in Milan, Italy.
The affordable multifamily housing asset, purchased from developer Greenway, will spread over ten floors.
Homes will range from studios to three-bedroom apartments, all with large terraces, and suitable for young professionals, families and downsizers.
Car parking will be available on two below-ground floors, while the ground floor and mezzanine level will be dedicated to storage and bike parking.
Alberico Radice Fossati, head of Transactions Italy at CBRE IM, said: ‘Milan is home to one of the highest numbers of homeowners in the EU, but in recent years, there has been a shift to renting due to the high prices of homes, as well as people looking for flexibility in where they live. We have also seen the appetite in Milan increase for multifamily properties offering hospitality-style amenities - reception areas, carsharing, in-house gyms, and so on.’
Already home to 3,000 people, once completed in 2025 the development will see the population rise to around 13,000.
The entire gross leasable area is classified as affordable housing by the Milan municipality, which means that rent is around 30% lower than the open market rent.
The development is located along the main boulevard of the new 900,000 m2 residential district of Cascina Merlata.
Public amenities will include a shopping centre and a 200,000 m2 public park.
The Cascina Merlata district is adjacent to Milan’s Expo Area, which is undergoing significant urban regeneration, and houses sporting facilities, an open-air theatre, a university campus, and a hospital.
The city centre is easily reachable via Via Gallarate and Viale Certosa, while the Molino Dorino metro station is within walking distance.
