Harrison St., DeA Capital to acquire 430 build-to-rent units in Madrid and Alicante
Transactions - SEPTEMBER 19, 2023

Harrison St., DeA Capital to acquire 430 build-to-rent units in Madrid and Alicante

by Released

Harrison Street and DeA Capital S.p.A. have acquired 430 build-to-rent (BTR) units across two new assets in Madrid and Alicante, Spain.

The acquisition helps address the increasing need for affordable residential assets for rent across Spain. The property in Madrid, located in the desirable San Sebastián de los Reyes neighborhood, comprises 146 units with high-quality amenities, including a swimming pool, gym, co-working area, concierge, events kitchen and underground parking. The Alicante property, located in Benissaudet, comprises 284 units with two phases of renovation planned, which is expected to be completed by Q4 2025.

Paul Bashir, CEO of Harrison Street’s European business, said, “We’re thrilled to expand our partnership with DeA Capital to bring these two new assets to Madrid and Alicante. As the demand for modern, amenitized and affordable housing continues to grow in Spain, we have worked with DeA Capital to expand our presence and identify attractive BTR properties in key metropolitan areas with significant growth potential. We look forward to further identifying high-quality rental housing in key European markets with strong supply/demand fundamentals and working with our partners to address the growing need for quality housing across the region.”

This acquisition expands the partnership between Harrison Street and DeA Capital’s joint venture that will operate under the name of LAVIDDA, a brand designed to launch an innovative approach to build-to-rent, which will provide a new housing management and way of living.

Since its inception last year, LAVIDDA currently manages eight projects for a total of 1,634 dwellings, which include seven projects under development and one project in operation. As the brand continues to expand, it is expected to manage 3,000 dwellings by 2025. LAVIDDA projects feature all-inclusive luxury amenities including a 24-hour concierge, gym, resident lounge, swimming pool, paddle court area, cinema room and tenant app, as well as private terraces, gardens, co-working spaces and a courtyard.

This joint venture will allow both companies to combine their expertise and resources to offer tenants a diverse range of high-quality rental housing specifically designed to meet the changing needs of the rental market.



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