Harrison Street, launched a newly-formed programmatic joint venture with Artisa Group (Artisa). The joint venture will be seeded with the acquisition of Viale Monza (the Property), a 260-unit residential asset in Milan, Italy. Upon completion, Viale Monza will be managed by City Pop.
The Property is located near the metro station into the city center, supermarket, pharmacy, and gym. Viale Monza will offer on-site amenities to its residents and private outdoor spaces The development of the Property will occur in two phases, with the first phase of approximately 77 units delivering in spring 2024 and the second phase expected to be fully completed by 4Q2024.
The joint venture intends to pursue both the acquisition of ground-up developments and the refurbishment and repositioning of existing commercial buildings, offering state-of-the-art living options to the chronically undersupplied Italian market.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said: “We’re pleased to be launching this JV with Artisa, a high-quality operating partner with a strong track record in the living sector, we look forward to growing the portfolio and relationship over time. Italy has the second-largest unmet student demand in Europe, with a significant undersupply of purpose-built student assets. We’re pleased to meet that demand with Viale Monza, which signifies Harrison Street’s entry into the Italian residential and PBSA sector."
“Embarking on this JV with Harrison Street is a source of great joy for Artisa Group. It's a validation of our European positioning, affirming our commitment to continuity and our determination to extend our presence beyond Switzerland. This venture aligns seamlessly with our innovative living concept, City Pop, and we are excited about the journey ahead." said Flavio Petraglio, CEO of Artisa Group
Image provided by Dukas Linden Public Relations.
