Metrovacesa sells a 147-unit BTR project, in Valencia, to a US fund

Metrovacesa sells a 147-unit BTR project, in Valencia, to a US fund

Specifically, it is the second phase of Residencial Q, which includes 147 multi-family homes, between 74 and 153 sqm and with one to four bedrooms. The complex, made up of two buildings, also has five commercial premises, a community pool, a children's area and gardens, as well as parking spaces and storage rooms.

The development is currently under construction. The works began in the second quarter of 2021 and are expected to be completed by the end of 2022.

Bet on turnkey rental

Jorge Pérez de Leza, CEO of Metrovacesa, pointed out that "this agreement confirms the strong interest of institutional investors in rental housing in Spain and endorses our position in the build-to-rent segment. Our flexibility to combine a sale phase with another for sale to an institutional investor for rental allows us to balance two projects almost simultaneously, since they are intended for two different and complementary segments, thus increasing Metrovacesa's volume of activity and improving joint profitability".

The developer points out that this operation reinforces its strategy for turnkey residential rentals, an activity segment that represents more than 20% of Metrovacesa's total pre-sales portfolio and in which it has already signed agreements with various institutional investors for a total of eight developments and more than 800 homes. The first of these eight projects was delivered in the Madrid municipality of Arganda del Rey, and projects are currently under development in Madrid, Barcelona, ​​Mallorca and Valencia.

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