Rental housing specialist Greystar Real Estate Partners has acquired a 380-unit residential project in Vienna-Brigittenau for €180 mln.
The turnkey deal was struck as part of its collaboration with an institutional investor to build a rental housing portfolio in Germany and Austria. The seller was Austrian project developer S+B Gruppe.
The D90 rental housing project is planned as a high-rise building with 29 upper floors, with an apartment mix ranging from studios to 3-room apartments and an average apartment size of 57 m2.
Mark Allnutt, senior managing director – Europe, Greystar, said: 'The Vienna market for rental apartments continues to be undersupplied with high-end, new institutional-quality properties.
'That's why we're proud of this project. Not only will this project be a new architectural landmark, it will provide high quality rental accommodation with a host of resident amenities not seen in the market before.'
The scheme is located close to the city centre, by the site of the former Northwest Station which is also being redeveloped.
Construction is scheduled to start in September 2022, with completion in September 2026.
Added Allnutt: 'The investment will help build a diversified portfolio of institutional-quality rental housing through forward purchase, forward funding and owned projects.
'The objective is to invest in multifamily properties in key German and Austrian markets. As of today, the real estate portfolio comprises existing properties in Frankfurt (182 apartments) and Vienna (832 apartments) as well as a project development with 234 apartments in Hamburg.
'In Frankfurt, we are opening an apartment building with 303 units in September.'
