NRW Residential I & II, Bochum Apartments | Predominantly North Rhine-Westphalia, Germany

4,800-unit multifamily residential portfolio

Investment Opportunity at Acquisition

  • Off-market acquisitions of three separate portfolios, two of which were from distressed lenders.
  • Portfolio consists of 4,700 residential units in North Rhine Westphalia, the most densely populated region of Germany.
  • Plan to capture significant upside through: (1) capital improvements to the individual apartments (vacant units and future rollover); (2) correcting deferred maintenance and improving common areas; and (3) active asset management (increase in-place rent levels, launch new vacant apartment marketing campaign and consider select sub-portfolio sales).


  • Improved Operations, Lease-Up, Renovation