Greystar Real Estate Partners has acquired a 380-unit residential project in Vienna-Brigittenau for €180 million.
Greystar said the investment is part of its collaboration with a globally active institutional investor to build a diversified, high-quality rental housing portfolio in Germany and Austria.
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 sqm.
It is located close to the city center right next to the neighborhood development on the site of the former Northwest Station and benefits from direct access to public transportation (subway and streetcar).
Construction is scheduled to start in September 2022, with completion in September 2026.
The acquisition is being implemented as part of a forward funding. The seller, Austrian project developer S+B Gruppe, is selling the residential project in Vienna at a fixed price for turnkey delivery. The building permit has been in place since October 2021.
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 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.”