Be Casa Rivas will open its doors at the beginning of December to welcome the first tenants of its flexible apartments or ‘serviced apartments’. It is an asset located in Rivas-Vaciamadrid (Madrid), which has received an investment of 85 million euros, which has resulted in a building with 843 apartments with a multitude of ‘amenities’. Services include two gyms (one covered and one uncovered), a swimming pool, a rooftop for events, a laundry for pets or a room for events. Prices range from 700 euros for studios to 1,000/1,100 euros for apartments with two bedrooms and two bathrooms. It should be noted that this amount includes all supplies (water, electricity, internet…), that is, it is a flat rate.
“Society has really evolved and changed. There are two fundamental groups that were not sufficiently well attended. One is the young, who couldn’t emancipate themselves because they couldn’t find anything except a shared apartment, which is not a very pleasant thing to live in. And then there is also a very important group of separated, divorced adults… who live alone and did not have adequate space for their needs. So this building has been tremendously successful because it meets the needs of all these social groups. The reality is that they do not need a traditional housing program, but rather a program like the one we offer,” he says. José Parra, founder of Idealar Soluciones and architect of this development.
An investment of 85 million euros
The project is headed by Momentum Real Estate, which is the first ‘player’ in the market to bet on such an innovative product within real estate. “The investment has been close to 85 million euros between the construction and the purchase of the land. We started this development two years ago and the building delivery/inauguration date is expected for the end of this month of November. We are awaiting the latest electrical connections and details and We hope that as of December it will be operating”, Ignacio Pareja, CEO of Momentum Real Estate, told idealista/news.
From the company they explain this concept of flexible apartments or ‘serviced apartments’ and highlight the relevant role that from now on they can have within the sector. “This is a hotel-apartment from a formal and legal point of view. But from the commercial point of view it is an apartment building with services, which is a class that is included within the ‘living room’, although it is not a ‘living room’ as we understand it in Spain linked to residential use. The truth is that it is a half-stay hotel, temporary accommodation or flexible accommodation focused on a public looking for half-stays and who does not find a suitable offer either in the world of the short-stay hotel or in the world of long-term rental. These projects are built on tertiary soils and used for lodging”, clarifies Pareja.
Studies from 700 euros
Within the complex there are three types of apartments: the vast majority (between 70% and 80%) are studios, although there are also one and two-bedroom apartments. Regarding the prices established by the operator (Greystar under the Be Casa brand), the studios from 700 euros to 1,000/1,100 euros for those with two bedrooms. “These prices always include VAT for hotel accommodation and all electricity, Wi-Fi, gas services and of course, all the ‘amenities’ that the complex has,” says the CEO of Momentum Real Estate.
The ‘father’ of this building, the architect José Parra, recounts the challenges that the development of these 843 flexible apartments has brought him. “The first challenge has been the whole issue of urban management, licenses, permits… because being a new concept that does not fall directly within the range of housing, it is more of a tertiary building, because It has been necessary to couple and fit all this idea into these regulations, both municipal, regional, sectoral… The second has to do with the size, because it is a very large building and at the design level we have had to lighten the façades, for example, so that they are not too heavy. That is why we have grouped, as you can see in the images, two floors in one visually so that it does not look like a ‘Titanic’. And the third challenge has been the whole issue of installations in this building: air conditioning, heating… because of how complex it is to put everything in a building of these characteristics and that they work well”, explains the architect.
In terms of sustainability, the building has the Breeam seal thanks to its construction process, the materials used and the development elements. Regarding the location, Pareja explains that they have chosen Rivas-Vaciamadrid for their first project for different reasons. “It is a fantastic city in terms of services and connectivity. We have a very close metro station and a fantastic supply of commercial and leisure services. It is also very well connected to the highway and we believed that Throughout this area there is a very clear demand for this type of temporary accommodation”he says.
Eight projects in development
“Right now we are developing more than 5,000 apartments in eight projects. In this first portfolio, in addition to Rivas, We have another two in Sebastián de los Reyes next to the hospital and another in Valdebebas. And in a second portfolio that we have begun to develop this year, we will build apartments in Alcobendas, in Carabanchel, in Barakaldo, in Bilbao and in Sant Cugat, in Barcelona”, adds the CEO of Momentum Real Estate.
In addition, Pareja is very confident with the reception of this product, despite the context of uncertainty surrounding the real estate sector. “We are very optimistic for two reasons. One, because in times of uncertainty everything that is flexible and temporary is easier to sell. And second, because the trend in society is towards this type of flexible, temporary, easy and, above all, affordable accommodation”, he concludes.
