Greystar acquires Vienna project development with 380 rental apartments
• High-rise building in Vienna-Brigittenau with 29 upper floors
• Completion planned for 2026
• Establishment of a German-Austrian residential rental portfolio
Frankfurt – 8 August 2022 – Greystar Real Estate Partners LLC ("Greystar"), a global leader in the investment, development and management of high-quality rental housing, has acquired a 380-unit residential project in Vienna-Brigittenau as part of its collaboration with a globally active institutional investor to build a diversified, high-quality rental housing portfolio in Germany and Austria. The purchase price is 180 million euros.
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 project 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."
For more information contact:
Dr. Heinrich Raatschen
Tel: +49 69 153 24 21-15
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over $221 billion of real estate in 224 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 768,000 units/beds, and has a robust institutional investment management platform with more than $58.2 billion of assets under management, including over $24 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.