The Spanish property manager is preparing the development of 3,000 flats in Madrid for seniors, which will require an investment of 380 million euros, according to Cinco Días.
The company is negotiating with several funds to launch the project and estimates that the agreement could be reached in spring this year. Momentum is looking for a majority partner for a specific joint venture for the rental platform, while the management company would be responsible for operating the asset as a minority partner.
The company founded by Ignacio Pareja and Gabriel Fernández de Gamboa has already built a platform called Be Casa with the King Street Capital Management fund, with which it built 2,500 flats, which it sold in 2022 to the Greystar fund in a deal worth around €300 million.
The residential building now proposed by the company is aimed at people over the age of 65 who are not dependent, but who are looking to live in accessible housing and in communities made up of this age group. The properties will have a gym, social room, telemedicine booths, cafeteria and restaurant, but will not be medicalised.
Momentum is a Spanish real estate investment manager founded in 2008, which currently has more than 1.2 billion euros under management. It has a team of 47 professionals working in Madrid, Malaga, Barcelona, Bilbao and Valencia, with the group's headquarters in Madrid. Momentum's activity is focused on investment in real estate development operations of five types, mainly: cooperatives, serviced flats, rental housing, residential for sale and senior housing and student housing projects.
One of the company's latest projects is the construction of a build-to-rent development in Cabanillas del Campo (Guadalajara), a project of 87 semi-detached single-family homes with private gardens, communal areas and a communal swimming pool. The construction company is Avintia and the works are expected to be completed in January 2025.
Momentum plans to build 3,000 homes for the elderly
