We Rent Communities, the first developer of apartments exclusively for rent in Romania, announces the completion of the fourth property to be added to the WE RENT portfolio. Investments in the first three phases of the project, completed in 2016, 2021 and 2022 respectively, amounted to a gross value of over €50m.
The fourth property belonging to WE RENT COMMUNITITES – Park View, – includes a new block in the Tineretului Park area, with 81 apartments for rent, the gross investment amounting to over €15m. The sources of financing were from own funds and bank loans.
"The success we have on the Romanian market was built on our initial vision of offering a new lifestyle, through apartments for rent in premium areas of Bucharest. We have always believed in the power of this concept of community and are committed to investing in its future, anticipating positive economic prospects and a growing demand for quality housing. We are constantly striving to innovate and adapt our offerings to the changing needs of the market, to ensure that our brand remains synonymous with a modern way of life," said Kim Vranceanu, President of We Rent Communities.
Although the Build to Rent concept is already established internationally, in Romania it is relatively new. We Rent Communities, a wholly American-owned company, is the largest developer of properties exclusively for rent, outlining a new standard in housing in Romania.
"Carrying out similar projects in the USA, we realized that there is no such real estate concept on the Romanian market, so the idea of investing in a residential complex intended exclusively for rent came naturally, in 2016 completing the first stage of the project," said Violeta Niculae, executive director of WE RENT Communities, the first set of properties dedicated exclusively to rental in the country, reached over 450 units and assets of over 60 million euros
Image provided by Bianca Dobrescu.
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