German investment manager Union Investment has acquired 173 rental homes in Amsterdam north from developer AM and Blauwhoed.
Financial details were not disclosed.
The development, Urban Villas - spread across four high-quality apartment buildings - will cover a total surface area of approximately 12,300 m2, with each home averaging 71 m2.
The scheme is expected to be completed in early 2024.
Urban Villas is located in Elzenhagen South, a prime location in Amsterdam-North. Each of the four buildings was designed in collaboration by a different architectural firm, resulting in a unique ensemble of buildings.
The architects involved are Office Winhov, Bedaux de Brouwer Architects, Marcel Lok Architect and Korthtielens. Bot Bouw is the contractor.
The rental homes, destined for the private sector, also have access to a parking garage with 195 spaces, 69 of which are included in the Union Investment deal.
Elzenhagen South is part of the Amsterdam north centre area (CAN). Area developer AM and Blauwhoed previously realised Elzenhagen Noord, Noorderkwartier and Station Area in CAN.
Said Peter Heuvelink, director AM Noordwest: 'With Urban Villas we are creating diversity in the residential programme of the CAN area and the housing assignment within the Amsterdam Metropolitan Area. With scarcity within every residential segment in the region, the Urban Villas are a welcome addition.'
Eltjo Bouwman, living sector director of Blauwhoed added: 'The Urban Villas will be located in a park-like and car-free environment. With the greenery and various play areas, we create a neighborhood that invites residents to move and meet each other.'
Capital Value advised AM and Blauwhoed in the sale and Loyens and Loeff provided legal advice.
