• Urban Campus formalizes an agreement with Vitruvio to open its sixth coliving building in Madrid.
• The new project will be located at 4 Duque de Rivas Street, very close to Madrid’s Plaza Mayor. The property will have a surface area of 3,100 square meters and will accommodate 44 apartments.

Madrid, June 14, 2023. Urban Campus continues its growth strategy in the Spanish market. The leading operator of residential coliving buildings will open a new asset in Madrid in partnership with SOCIMI Vitruvio. The new project will be located at 4 Duque de Rivas Street, very close to the central Plaza Mayor of the capital.

In its constant search for quality products and alliances with institutional investors, Urban Campus has signed a management contract with SOCIMI for a centrally located building in Madrid, which will be renovated by Vitruvio as a residential rental building with common areas for young professionals. “This alliance is great news for Vitruvio and Urban Campus. Investing in improving the quality and residential offering in the center of Madrid is consistent with our philosophy and positioning, but also much needed to revitalize an aging urban center. Vitruvio is carrying out a very profound transformation in this building, with a lot of prior urban planning work and now construction to execute it. As a result of the above and with Urban Campus’ management, we expect to create a lot of value for Vitruvio’s shareholders,” says Jorge de Vera, Vitruvio’s investment manager.

It is a historic building constructed in 1900 and located in the heart of the La Latina neighborhood, very close to Calle Mayor. It shares its location with the noble building of the Viana Palace, annexed to the Ministry of Foreign Affairs. The property, which will become a fully dedicated coliving space, will undergo a comprehensive renovation to provide 44 units. The offerings will range from individual studios to one-bedroom apartments, as well as clustered studios (shared rooms with kitchen and living room). The building’s common areas are Urban Campus’ hallmark, as their focus is on creating buildings where tenants have access to a community of like-minded individuals compared to other residential options. Therefore, the property reserves over 180 square meters for spaces such as coworking areas for tenants, a gym, a kitchen, and an events and meeting area.

The interior design of the building has been entrusted to the Urban Campus team, who will operate it once it opens at the end of 2024. With this upcoming opening, the company will have a total of 300 units in the Spanish market.

According to Casilda Mulliez, Urban Campus’ Real Estate and Business Development Manager for Iberia, “This project consolidates our presence in the Spanish market. With Duque de Rivas, we will have a presence in the main and best neighborhoods of Madrid, thus ensuring strategic growth thanks to alliances with investment groups. We will continue to seek opportunities in the capital to strengthen our presence and offer turnkey accommodation solutions to a generation that seeks comfort, community, and services.”

Photo Credits: 

• Cover photo used through Canva Free Media License