3 apartments close to Riga University

 Buy to Let
Riga, Latvia

Object Overview:

  • New development, construction works finished in 2018
  • The acquisition price for 3 apartments -10% under market value
  • 6.01% net annual yield
  • Rental demand supported by University located nearby
  • The project does not have a defined term for an exit. The project originator expressed that it will be 5-10 Years project, due to great capital growth potential.
  • Investors will be able to sell their investment from July 2019 on EVOEstate secondary market.

"Baltozoli" is a modern apartment house in one of the greenest districts in Riga, in accordance with the latest architectural trends and energy efficiency standards. Project originator's apartments nr1, nr2 and nr3 are located on the first floor, with a total area of 144m2. Apartment layouts will create a sense of spaciousness and cosiness for each tenant. Each apartment has large, high-quality windows, making the living room bright with great views of the green area. The house has a roof terrace, underground car parking, and a children's playground.

The infrastructure of the "Baltozoli" district offers everything necessary for comfortable living - there are kindergartens, schools and a botanical garden, hospital, supermarkets, sports and entertainment centres, as well as public transport, providing convenient and quick access to any place in Riga. Distance to Riga centre – 4km.

These apartments will be an ideal place for students and people who value a quiet and green area near Riga city centre. Less than 500m from our property is located the Medical Academy of Latvia (Rīga Stradiņš University) with almost 10 000 students, more than 2000 of them are international students who keep the rental demand high in the area.

EVOEstate investors have an opportunity to invest in "Baltozoli" apartments pool and receive the rental profit and capital growth, paid out as variable interest. The construction of the building was completed in 2018. Every apartment has bathroom sanitary from Vitra, Hüppe, and Paa companies, doors to the ceiling height, Quickstep waterproof laminate floors and lighting. Missing furniture will be purchased after 100% funding for the project.

The Property for investment with the address on Iecavas iela 1, Pārdaugava, Riga is a "Baltozoli" Residential building. The property is a new building, located in one of the greenest districts in Riga, which will be an ideal home for students and people who value nature, distance from the city noise, developed infrastructure and logistics.

EVOEstate investors have an opportunity to invest in "Baltozoli” and receive rental profit and capital growth, paid out as variable interest. The area has high rental demand coming from the international students and we see above-average market growth for the whole district in the upcoming years.

Latvia, with its capital Riga, is central of three Baltic countries – Latvia, Estonia and Lithuania. By the number of inhabitants, Riga is the largest city with 700 000 people in 2018. Riga´s real estate market and the overall economy is slightly behind from Tallinn, but developing at a rapid pace. When compared to other Baltic regions, Riga has the most potential for real estate market growth for the next few years.

We purchase the apartments with a discount of -10%, which secures some capital growth for our investors from day one. Our flats require some additional furniture, which is already calculated in the total funding cost. Apartments will be available for rent in a furnished state in 2 weeks after the completion of funding. The property will be managed by our agent in Latvia.

Total funding costs:

  • Apartment nr1 – 80 000 eur
  • Apartment nr2 – 80 000 eur
  • Apartment nr3 – 75 000 eur
  • Furniture – 3x5 000 eur
  • Acquisition tax 6% - 13 500 eur
  • Collateral, SPV and notary fee – 2 500 eur
Status
Funding
55 350 € (20.81%)
266 000 €
72 days left
Term: 120 months
Interest payment schedule: Monthly
6.01%
Annual yield
-
LTV
I want to invest
To receive