Acciona Inmobiliaria has sold its most sought-after build-to-rent development. Greystar will pay 120 million euros to the developer for the project to build 455 homes in Méndez Álvaro (Madrid), according to El Confidencial.
Adif, the Spanish publicly-owned company under the Ministry of Transport, Mobility and Urban Agenda, put the site up for auction for 54.4 million euros. Acciona won the contract by bidding €67.3 million. A 13-storey building with 24,793 m2 of buildable area will be erected in the land, making it the largest build-to-rent development in Spain.
The 455 turnkey one and two-bedroom homes are located within the M-30 ring road. They are connected to the city centre by public transport and are expected to be ready in 2024. The development will have coworking spaces, a cinema, gym, restaurant, swimming pool and communal terrace.
Jones Day, PwC and Knight Frank advised the buyer on the transaction.