PATRIZIA Apartments in Augsburg Selling Like Hot Cakes

A new city neighborhood in Augsburg, Germany's textile district is doing quite well, with the majority of its units currently under construction already sold.
Wohnen im PROVINOPARK Augsburg

Majority of apartments within PATRIZIA Immobilien AG’s new city neighborhood “Wohnen im PROVINOPARK” in Augsburg have been sold.

Out of the 210 residences currently under construction in the city’s textile district, only 20 units are still available for sale, according to Jürgen Kolper, head of real estate development at PATRIZIA.

Construction on the project began in the autumn of 2012 and should be complete by the end of this year.

The size of the new apartments and penthouses ranges from two to four rooms, with living space of between 700 square feet (65 square meters) and more than 1,500 square feet (140 square meters). Interior amenities include underfloor heating, electric shutters and blinds, and a video intercom. Residents also have access to underground parking, which can be reached by elevator.

The pace of the sales process was above expectations, perhaps as a result of the project’s central location, the diversity of the floor plans and the good development prospects of the city of Augsburg, which is located in proximity to Munich, the capital and largest city of the German state of Bavaria.

Situated on the banks of the Schäfflerbach stream, “PROVINOPARK” is an essential component of the redevelopment of Augsburg’s textile district from a former industrial site into a high-quality urban neighborhood. It incorporates the existing old tree population, as well as some of the area’s historic architectural elements.

PATRIZIA is currently building more than 4,000 apartments worth more than $1.6 billion (EUR 1.4 billion). In addition to Augsburg, the company is also developing city neighborhoods in Berlin, Düsseldorf, Frankfurt/Main, Hamburg, Cologne and Munich.