German public open-ended real estate fund Catella Wohnen Europa (CWE) has acquired 67 affordable apartments from property developer Falkowski Group for an undisclosed sum.
Due for completion in Q4 2023, the Falkenquartier development consists of eight energy-efficient wood-hybrid buildings in Berlin’s most populous district Pankow.
The properties are being built on 6,850 m2 plot using an innovative ‘zero-waste’ timber hybrid construction method where an exact quantity of raw material is sourced from sustainably managed forests and used up to avoid wastage.
The buildings are also aligned with the KfW 40 standard and Sustainable Building Quality Seal, according to the Federal Ministry of the Interior and Community, consuming 40% of the primary energy required by a comparable reference building.
Michael Keune, managing director CRIM, said: ‘Berlin’s Pankow district is known for its attractive natural environment with the largest inner-city forest in Berlin, and there is strong demand for affordable modern sustainable housing in the area, especially for families, which is not being met by available supply. With this development, we are creating additional housing in a highly sought-after residential location in Berlin, with plenty of greenery in the surrounding area, such as Weißenseer Park with lido, open-air theatre, the nature reserve Am Faulen See, and the green corridor on Hansastrasse. The flats are mostly designed to be family-friendly and appeal to tenants due to their low operating costs and affordable rents.’
Benjamin Rüther, head of fund management CRIM, added: ‘The European energy crisis has brought into focus the way developers build and adapt their assets for energy resilience. Innovative construction and design processes also drive down operating costs in the long term for investors and tenants. The Falkenquartier development is being built as an efficient and innovative energy concept, using innovative timber module construction method to meet the low operating cost requirements at the core of our long-term investment strategy.’
The ground floor flats feature terraces, and the upper floors have balconies and loggias or roof terraces.
The underground car park has 67 car parking and 176 bicycle spaces and there are ten charging stations for electric cars.
The Falkenquartier will rely on a sustainable energy mix of partially renewable energy sources with district heating from combined heat and power, heat pumps and solar photovoltaics.
Berlin-based Catella Residential Investment Management (CRIM) and Munich-based KVG platform Catella Real Estate acquired the project development for the CWE fund.