Spanish real estate developer Vía Ágora is investing €40 mln in its first BTR development consisting of more than 230 homes in Valdebebas, north of Madrid.
Construction work is scheduled to start in March 2023, with completion expected at the end of 2024 or the beginning of 2025.
The 16,900 m2 development will consist of one, two and three-bedroom homes, while the communal areas will include a swimming pool, splash park, coworking room, gourmet room, two paddle courts, an outdoor children's area and a space for bicycles.
The project will feature a light timber-framed façade, terraces, staircases and industrialised bathrooms by Lignum Tech, also part of the Vía Ágora corporation.
The president of Vía Ágora, Juan Antonio Gómez-Pintado, said: ‘With this project, in addition to expanding the rental housing stock, we are entering a new formula for the future that responds to an increasingly demanding and professional demand.’
Colliers advised Vía Ágora in its first BTR project, as part of plans to diversify activities.
Vía Ágora is also participating on Madrid City Council's public-private partnership tender, which aims to increase the number of affordable rental homes.
The company is considering whether to sell the Valdebebas project to a third party or set up a division to manage this type of housing.
This is Vía Ágora's second project in Valdebebas, where it is completing construction of the Vía Ágora Valdebebas residential development of 67 homes, which should be ready by the end of 2022.
Valdebebas is located 20 minutes from the Gran Vía de Madrid and 10 minutes from Madrid-Barajas Adolfo Suárez Airport, with multiple public transport option.