The Mannheim-based residential real estate privatizer Alpha Real Estate Group (Alpha RE) has purchased 116 residential units in the Central Hessian town of Lollar in Gießen from a large housing company. When asked by the real estate journal "Immobilien Zeitung", the company confirmed that it had purchased the Paulusgarten complex. No further information about the seller was provided. However, based on rental offers from the past years, the company in question must be Vonovia.
Paulusgarten is a residential complex which dates back to 1984 and which has a total living space of around 11,000 m². The individual units range between 81 and 106 m². The complex also boasts 101 underground and 59 outdoor parking lots. "The units are located in an attractive area and are in a good structural condition which means we can commence with marketing straight away", explained Peter Buhrmann, CEO from Alpha RE. The population of Lollar, which is currently 10,000, is expected to grow by 7% by 2030.