Real estate developer and asset manager Trei Real Estate has secured a building permit for a student housing development in Wiesbaden, Germany.
The company plans to invest €33 mln in the project.
The property, which will be developed under the Quartillion brand, will include 182 modern single-occupancy apartments for students, with a total floor area of around 3,900 m2.
The apartments will be fully furnished and equipped with a fitted kitchenette and bathroom, as well as broadband internet access. Unit sizes will range from 17 to 33 m2. Shared facilities for the residents will include a common area on the first floor, a study lab, a laundry room, and a rooftop patio.
A Netto supermarket with a retail area of around 1,100 m2 will be located on the ground floor of the building.
Construction is scheduled to start in the first quarter of 2024.
Pepijn Morshuis, CEO of Trei Real Estate, commented: ‘The shortage in affordable housing is particularly keenly felt in the student community. Wiesbaden, the state capital of Hesse, is an attractive city for families and single working professionals, but all groups compete for a limited housing supply. By creating new Quartillion apartments here, we boost the urgently needed supply for a specific segment within the city's severely strained housing market.’
Quartillion Wiesbaden will be located on Dotzheimer Strasse, within walking distance of the campus of the RheinMain University of Applied Sciences.
This is the second student housing project developed by Trei. The first iteration of the Quartillion brand was completed in Cologne in 2017.
Trei currently has around 1,400 rental apartments under development in Germany, mainly multi-family homes. The projects are located in Berlin, Hamburg, Munich, Düsseldorf, and Mainz.
