Avalon Properties starts the year with the intention of expanding its portfolio of affordable rental apartments. The fund manager is in negotiations with the Avintia Group to acquire almost 200 homes that are part of the Community of Madrid’s Plan Vive, as confirmed by this medium with different sources in the sector.
With This purchase, which is currently in the due diligence phase, The subsidiary of the Ares fund will consolidate its commitment to the rental market in Spain. In fact, Avalon was one of the first investors to bet on the Build to Rent through turnkey projects in our country to shape a large portfolio of rental apartments.
Currently, the fund company Ares Management manages a portfolio of more than 6,500 residential rental units in Spain. If you manage to close this acquisition, The company will add 173 units of a development located in the town of Daganzo de Arribay that Grupo Avintia has built in the context of the Plan Live III.
This operation, therefore, will require authorization from the Community of Madrid.who will be in charge of verifying that the new buyer meets the requirements established by the Vive Plan. This project promoted by the Government of Isabel Díaz Ayuso and carried out through public-private collaboration, aims to promote the development of construction of affordable rental housing on land owned by the administration. Thus, on these lands, private investors build developments and manage them, with prices below market, for a period of 50 years.
The purchase of this project from Avintia would be added to the recent acquisition that Avalon has signed with the developer Aedas Homes, as reported by this medium.
Affordable housing
In this case, the manager starred almost at the end of 2024 in a mega-operation by acquiring a portfolio of three developments that total 944 affordable homes for more than 100 million euros. These units, also from Plan Vive III, are divided between three projects located in Aranjuez, with 400 apartments, Navalcarnero (318 homes) and Villalbilla (226 units).Predictably, all of them will be delivered throughout 2026.
Avalon Properties is a great expert on Plan Vive. Thus, the manager was awarded lots 1 and 2 of Plan Vive I at the end of 2021. In this case, it was carried out by two partners: Aedas Homes, through its Real Estate Services business line and as a project manager, and the construction company GrupoSanjose. In total, the three companies were awarded 23 plots distributed in 10 municipalities on which they are building more than 3,600 homes. To date, the three companies have already completed more than 700 homes on these lots. Specifically, they have delivered three projects in Alcorcón that total 414 units, a development in Torrejón de Ardoz with 137 homes and another in Valdebebas with 166 apartments.
#Avintia #negotiates #Avalon #sale #affordable #rental #homes
