Within the terrain, located next to Locare, 86 dwellings will be developed, which will be added to the more than 1.300 dwellings under development for affordable rental housing.
The development, located in the municipality’s rapidly growing Aldovea area, will host 1, 2 and 3 bedroom dwellings. The building will also feature retail stores.
The developer and investment platform Locare managed to raise 240 million euro through a second fund to purchase terrains and build more than 1.000 dwellings for the affordable rental housing market in Madrid. This new fund doubles the investment capacity of its first fund, Tectum I, which was established in 2019 and attracted 120 million to purchase terrains across the entire community and build more than 900 dwellings.
According to Andrés Horcajada, managing director and founding partner at Tectum, «it is the only community within the Henares Corridor which has increased its population between 2012-2017, hence the need to offer quality affordable dwellings for rental, professionally managed and with competitive rents».
Indeed, the development, which will be characterised as Vivienda con Protección Pública para Arrendamiento (Housing with Publicly Protected Rental) – VPPA, will have its rents subject to a monthly maximum set by the Community of Madrid.
Locare and Tectum have shown their interest for the 46 plots of land, which the Community of Madrid will auction in the coming days. These parcels are located in 14 municipalities across the region and it is estimated that a maximum of 6.646 dwellings will be built on them, for a total investment of 700 million euro.