Rationale and achievements
STAM acquired this Haussmannian residential building in the 16th arrondissement of Paris on avenue Foch and the place Dauphine in 2008. The 104 apartments were mostly let and ranging in size from 30 sqm to 500 sqm.
The building was of excellent quality but common parts had suffered a lack of investment and maintenance over the last 30 years. STAM carried out a renovation of the common areas and divided several large apartments to boost the demand from potential buyers.
The break-up strategy included the sale of vacant or to be vacated apartments after renovation and the negotiation with existing tenants for their acquisition of their apartment or their departure for sale.
- Location Paris 16
- Type Residential
- Surface/units 15,000 sqm/104 apts.
- Acquisition date September 2008
- Value creation strategy Refurbishment of the common areas and fractional sale of the apartments
- Client STAM REI III
- Status Realized