Bucharest Properties REIT, a company with American shareholders, announced the completion of the second stage of the Vitan Estates residential complex, an investment of €10 million. In total, the project amounts to a €20 million investment.
Two new blocks of flats with 156 apartments for rent within the Vitan Estates project have been completed.
„Bucharest Properties REIT introduced the concept of residential buildings, multi-family, professionally managed, with many facilities included. Last month, we launched the second stage of our innovative project. The rent for a studio starts from €350/ month ", says Kim Vrânceanu, CEO of Bucharest Properties.
The Vitan Estates residential complex, intended exclusively for rent and developed on a western system, is centrally located, in the immediate vicinity of the Mihai Bravu metro station, on a plot with a total area of 7,000 sqm. With this new stage completed, the project comprises three blocks, with a height of 10 and 11 floors and a total of 320 homes available for rent.
All housing units completed in this stage of the project are furnished and equipped, equipped with central heating and air conditioning. Vitan Estates tenants also benefit from many extra benefits and facilities.
The first stage of the project, launched in 2016, required an investment of €10 million. The occupancy rate of the apartments is, on average, 90%, about a quarter of the tenants being in the complex from the beginning. The financing sources were from own funds, but also from a loan contracted from First Bank, partner of Vitan Estates, and in this second stage of the project.
Bucharest Properties REIT is a mutual real estate investment fund, opened in Romania by American investors, being one of the largest developers of apartments dedicated exclusively to rent. The first project developed was Vitan Estates, which started in 2014. The first stage of the project was completed in 2016 when 160 homes for rent were put into use.
