Rental housing specialist Greystar Real Estate Partners has acquired the Kanso development, a 303-unit mid-rise residential project in Frankfurt.
Financial details were not disclosed.
The deal marks the second acquisition for its Germany and Austria €1 bn develop-to-core venture with a global institutional investor following the announcement that Greystar has purchased 234 units in Hamburg earlier this year.
The forward purchase transaction with Argaman Group will see the Kanso building, designed by V. Zelmanson and Planquadrat Architects, ready for occupation from summer 2022.
Mark Allnutt, senior managing director – Europe, Greystar, said: 'We are making good progress with our strategy to build a diversified portfolio in Germany and Austria from the ground up focusing on residential assets of scale.
'We are well capitalised and continuing to look for forward purchase, development and value-add opportunities in key markets including Berlin, Hamburg and Vienna.
'Our new asset will join our network of Canvas properties across Europe and as the footprint continues to grow, we hope to offer residents the ability to move seamlessly between locations, giving them easy access to a range of cities.'
The property predominantly comprise studio apartments and a selection of one-beds with a range of resident amenities alongside a kindergarten, restaurant and retail space totalling 685 m2.
The building will operate under Greystar’s expanding pan-European student and young professional brand Canvas Living. Canvas Frankfurt will be the first building in Germany as part of the new multi-asset strategy.
Greystar entered the market in Germany and Austria in 2018 with the acquisition of District Living, a 110-metre high-rise in Vienna's 22nd district on the banks of the Danube. The building has since completed and is preparing to open its doors to residents in June 2022.
