Commerz Real Capital Management, acting on behalf of its “Commerz Real Institutional Smart Living Fund", has purchased a micro-apartment scheme in Darmstadt. The c.9,000m² complex, located at Im Haardtring 15 in the Darmstadt West district, will provide 368 apartments, as well as 93 underground car parking spaces and 360 bicycle stands. Furthermore, the property will feature a fitness room, an event kitchen, a washroom, a playing field, and a large roof deck. The completion is expected by the autumn of 2021. The seller is a joint venture between Mainzer Aufbaugesellschaft (MAG) and i Live. The purchase price was not disclosed.
"As a university city with a large number of research facilities, a dynamic economy and its proximity to Frankfurt am Main, Darmstadt is an ideal investment location for our Smart Living Fund," said Heiko Szczodrowski, head of Asset Structuring Portfolio Management.