CBRE Investment Management (CBRE IM), on behalf of a fund it sponsors, has acquired a new affordable residential asset in Madrid.
The asset is located in San Sebastián de los Reyes and has a total gross lettable area of 12,174 square meters (131,039 square feet). Completed in 2009, it comprises two adjacent buildings with 82 homes, 123 parking spaces and 82 storage units, and is fully leased.
The asset is near Madrid’s city center and benefits from great connectivity to main highways and public-transport systems, and is near services such as restaurants and supermarkets, schools and hospitals. The area includes residential units to appeal to a full affordability spectrum.
This acquisition was closed in partnership with Elix and is in line with the recently signed agreement between CBRE IM and Elix to develop a portfolio of approximately 1,200 affordable and sustainable homes, to facilitate access to affordable housing for middle-income households.
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