Construction works are already underway for this new residential complex which should be certified by BREEAM in terms of sustainability. The asset has 5.700 sqm where 1, 2 and 3 bedroom dwellings spread across two 5 floor blocks and ground floor units will be built. All dwellings will have access to garage and storage and to the complex’s several common areas, such as gardens, children’s playgrounds, paddle tennis court and swimming pool.
This new project is located in Sector 5, a new development in the city of Valladoid which closes the barrio de La Victoria providing continuity to the Canal de Castilla green area. Construction company ACR will be in charge of building the project and it expects to deliver the new dwellings for rent during the second quarter of 2022, it can be read in the release sent by Grupo Lar.
Construcciones ACR’s general manager Guillermo Jiménez Michavila commented that «we are very happy to have the confidence of Grupo Lar in accompanying it in its bet on the build to rent. We are convinced that rental is a promising segment which at last is starting to take off, with initiatives like this, and which, due to its particular characteristics, should allow moving forward with more efficient and industrialised solutions», he added.
Goal: placing 5.000 dwellings on the rental market
This was the first step taken by Grupo Lar and Primonial’s investment vehicle towards the announced goal: «to develop and manage on the long-term a 5.000 dwelling portfolio in the main Spanish cities, which will represent around 1 billion euro in assets under management», highlighted the release.
Following this project, the cities of Parla and Móstoles (located in the community of Madrid) will be the locations for the next two complexes, with a total combined area of more than 21.000 sqm, revealed the same document.
The two companies confirmed this deal to the market last September, reinforcing their commitment to « address a clear need from the market» which translated into a clear «unbalance between the rental housing market’s offer and demand in the big cities and a lack of quality product specifically oriented towards rental, adapted to the current demand, sustainable, energy-efficient and professionally managed».
With these new projects, Jorge Pereda, director for rental housing at Grupo Lar, assumed that «we are taking rapid steps towards our goal: to become referential developers and managers in rental housing in Spain, the same as we already are in other real estate segments. We develop projects on our own or with the help of third parties, but always using our own designs oriented towards this use. We are here to stay, and our goal is to manage those dwellings professionally», he concluded.