Essen/Mannheim, 12 July 2018: Construction has begun as planned on Instone Real Estate’s “living rooms Jefferson St” project in Mannheim’s FRANKLIN Quarter. The project, with a total of 96 condominiums, is scheduled to be completed in summer 2020.
Andreas Gräf, CDO of Instone Real Estate, says: “As we expected, there was a great response, which meant that contracts had been concluded for more than half of the condominiums before construction even began. As a result, EUR 17.5 million of the EUR 32.9 million in planned sales proceeds from the ‘living rooms’ have already been secured. This strengthens the confidence that we have in our strategy of developing attractive apartments for capital investors and owner-occupiers through our platform, which has been established throughout Germany.”
Bianca Reinhardt Weith, head of Instone’s Baden-Württemberg branch, adds: “As a university city and one of the region’s traffic hubs, Mannheim has been experiencing growth for years and requires new residential units. Our vision is to create a lively, modern neighbourhood that provides a generous amount of different types of residential housing, helping to relieve pressure on the local housing market.”
The “living rooms Jefferson St” project comprises two- to four-room apartments with floor space of between 62 and 124 square metres. Instone is also realising 105 rental apartments and a kindergarten for Industria Wohnen Deutschland on the neighbouring site. Shell construction for these six rental apartment buildings is already in full swing.