Metrovacesa has signed an agreement with AEW to build two residential buildings of 216 homes in Valencia. The management company will pay close to 50 million euros for the turnkey assets, which will be placed on the rental market.
The build-to-arent project will be divided between the 21-floor Moreras Torre, which will have 155 units, and another, 11-floor residential complex with 51 flats. Both will have a swimming pool and multi-purpose hall, although Moreras will also have a paddle tennis court. Construction is scheduled to be completed in 2023.
Metrovacesa has seven build-to-rent projects, totalling 703 homes. This is the second agreement that Metrovacesa has signed with AEW. In October, the developer bought a 203-rental home turnkey development in Palma de Mallorca.
TC Gabinete Inmobiliario advised the transaction.