The promoter Aedas Homes and Avalon Properties, an Ares Management company specializing in residential rentals, have reached an agreement for the construction of three new construction projects for the rental market ('build to rent') of 225 protected homes in Madrid.
Specifically, two of these turnkey rental developments will be located in the El Cañaveral neighborhood, in the east of the city of Madrid. The third will take place in the town of Villanueva del Pardillo, northwest of the Spanish capital.
The El Cañaveral projects will house 73 and 92 homes, respectively, while the Villanueva del Pardillo development will house 60 units.
The three projects, which will be promoted by Aedas, will have common areas with a swimming pool and a children's play area, among other spaces. The houses will have between one and three bedrooms.
Aedas Homes has indicated that the works of the El Cañaveral project of 73 homes will begin during the first quarter of 2022.
David Martínez, CEO of Aedas, has said that «we ratify our commitment to society to facilitate access to rental housing. In this case, in addition, to protected income, thus enhancing its affordable nature».
In addition, Martínez has stated that these protected regime build-to-rent projects show "how effective and necessary public-private collaboration is in the residential market."
For his part, Dámaso Riaño, director of institutional relations at Avalon, has indicated that "these three projects reinforce our commitment to expanding Madrid's stock of affordable rental housing and to the development of new areas in the region."
