In one of the most sought-after areas of Madrid, work begins on apartments for rent Vivia

In one of the most sought-after areas of Madrid, work begins on apartments for rent Vivia

Work on the construction of a new residential complex of apartments for rent has begun in Machu Calderon, one of the most sought-after areas of Madrid. It was being developed by Vivia company (Grupo Lar) according to a turnkey housing plan from Pryconsa, acquired last fall.

The complex will include 273 premises for rent, the building will be under the responsibility of the management company of the joint venture Grupo Lar and Primonial REIM.

Information on the project was provided exclusively to the news department of the company and the Idealista real estate portal.

Viva project will offer a wide range of facilities: studios, apartments with 1, 2 and 3 bedrooms, commercial premises for the creation of 20 apartments with a view to renting for tourists.

All this is located in a 13-storey building, which has extensive public areas: a swimming pool, gym, gastro room or a public living-dining room. Each apartment has its own parking space and storage room.

The complex is scheduled to open in 2025. The area of the plot on which the new complex will be built is 3,500 sq.m., which makes it possible to build an object with an affordable living area of about 18,000 sq.m.

The rental price will start from 900 euros. More than 100 million euros will be invested in the construction. Pryconsa, from which the project was purchased, paid 55 million euros for the land plot.

Initially, the developer (Pryconsa), led by Marco Colomer, planned to use this land plot for «build-to-sale» (approx. BTS/Build to Sell). The company called this project Amani el Madrid Rio, announcing its intention to sell housing with 1 or 3 living rooms at a cost of 300,000 to 750,000 euros.

But in the end, the developer sold the project to the Vivia management company, which proposed a different goal for the project - «build-to-rent» (approx. BTR/Build to Rent). The deal became one of the largest in Madrid in 2021.

Jorge Pereda, Director of Rental and Leasing of real estate at Grupo Lar, states: «The start of these works is a big milestone, especially in the context of current inflationary and geopolitical tensions. This project demonstrates our firm confidence and commitment to BTR real estate segment. We know about the shortage of rental housing in the country, the high demand for it. The involvement of Pryconsa as a developer guarantees the successful planning and implementation of the project, which should become a benchmark in the city».

For his part, Roman Blanco, Director of Development at Pryconsa, emphasizes: «The start of work on this BTR project is the next step in the implementation of Pryconsa's commitments for this project and for the development of the city within the M-30 ring highway in Madrid.

The construction in Mahou Calderon area is an urban development project that includes the development of territories previously occupied by Mahou factory and the old stadium of the Atletico Madrid football club - Vicente Calderón».

In such an elite zone, more than 1,300 houses will be built, surrounded by green areas, both new and existing in Madrid-Rio. The development of this site on the bank of the Manzanares River is one of the last major residential development projects within the M-30.

Grupo Ibosa is also involved in this new construction project, located in the immediate vicinity of Madrid-Rio (approx. according to an exclusive message transmitted by Idealista). The latter develops several of its own projects: «Residencial Zaurak» and «Stellae». Other companies, Azora and Gestilar, are developing its «River Park» and «Vivenio» projects.

Thanks to this deal, Grupo Lar now plans to build 700 residential properties for rent in Madrid, investing about 200 million euros in them.

The management company Vivia, in turn, has already built 1,670 apartments, having invested about 270 million euros in them, approaching their global goal of creating 5,000 residential properties for rent.

At the same time, Pryconsa has plans for the development of more than 965 properties according to BTR plan. All of them are at different stages of implementation and use different sources of investment. Pryconsa has a track record of more than 70,000 residential buildings erected since the company was founded.

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