American-owned company Bucharest Properties REIT has started the development of a new block with 55 apartments for rent in the Vitan Estates residential project in Bucharest.
The first two stages of the project, completed in 2017 and 2021, respectively, required an investment of €20 million, and for the third, which will be completed this fall, the total investment amounted to €5 million. The financing sources were the company’s own funds and loans from local banks.
"The occupancy rate of the apartments in the first two projects is 100%, and for the third one we already have a waitlist, which makes us even more committed to offering top services to our tenants. Given that over than 20% of our tenants have joined us since the beginning, we firmly believe that we are on the right track," said Violeta Niculae, Vitan Estates’ Operations Director.
Bucharest Properties REIT, a mutual real estate investment fund, is one of the largest developers of rental-only apartments in Romania.
