Greystar Real Estate Partners has acquired LY30 Frankfurt from AviaRent Invest. The 12-storey residential property is well-located at Lyoner Strasse 30 in the Lyoner Quartier – a growing submarket within Frankfurt am Main. The Lyoner Strasse property has a total floor area of 8,500m² and comprises 182 residential apartments constructed in 2016. The purchase price was not disclosed.
Greystar will reposition the building with the objective to deliver an enhanced residential experience. The comprehensive value-add strategy will focus on renovating all 182 units and creating common areas. Unit updates will include new lighting and furniture packages while renovations to the common areas will feature the creation of retail space on the ground floor, a private gym and on-site leasing office. A clubroom at rooftop level will give residents a place to socialize and relax. The renovation project is expected to be completed by Summer 2020. The units will be fully furnished, move-in ready, offering plug-and-play convenience and all-inclusive service.
Thomas Wunsche, Greystar Head of Germany and Austria, said: “Greystar is committed to developing and operating the best-in-class managed housing across Europe and in the German-speaking markets. The acquisition of LY30 represents a continuation of Greystar’s strategy of acquiring high-quality assets with value-add upside. We see great opportunity to reposition the asset through capital investments and proactive management, ultimately delivering a modern asset with associated amenity space and on-site service that is unique and desirable in the Frankfurt market.”
Yenna Haack, CIO AviaRent Invest AG, commented: “With the development of the micro-apartment complex LY30 we have created substantial value for our investors. We are excited about Greystar’s plans to continue the development of LY 30 by, for instance, creating amenity spaces for the tenants and having staff on-site.”
