Greystar buys 2,500-unit flexible accommodation portfolio in Spain from King Street

Greystar Real Estate Partners has forward purchased a substantial flexible accommodation portfolio of 2,500 units in Madrid for a managed discretionary fund. The seller was King Street Real Estate GP, a global alternative investment firm that partnered with Greystar and Momentum REIM in 2019 to acquire three sites to be used for flexible accommodation.

The three buildings are located in the north and south of the Madrid metropolitan area in Rivas, San Sebastián de los Reyes and Valdebebas. They will operate under a new brand that will be unveiled at a later date. Guests will benefit from purpose-designed rooms and superior amenities, including a gym, co-working space, pool, outdoor space and a dedicated concierge service. The buildings, which are currently under construction, are targeting a BREEAM rating of “Very Good.”

“The Madrid market is characterized by a significant under supply of all types of rental accommodation, including flexible and attainable solu