The residential buildings in need of renovation in southeastern Luneburg were acquired in 2019 after several years of insolvency as part of a forced sale procedure. At the time of purchase, the portfolio of around 265 apartments showed considerable vacancies and a high proportion of tenants with poor payment practices. Due to many years of insolvency and the associated investment backlog, the buildings from the 1970s require comprehensive renovation measures.
The existing floor area is approximately 16,000 m² with an equally large plot of land. In addition to reducing vacancies, the current focus is on upgrading the buildings and developing the neighbourhood. The aim is to revitalise the properties and create a residential quarter worth living in.
Typical for the Hanseatic city of Luneburg in Lower Saxony are the Gothic brick buildings, which can be especially admired around the town hall. The city with over 75,000 inhabitants is located about 50 km south-east of Hamburg and is part of the Hamburg metropolitan region. The predominantly medium-sized entrepreneurial landscape is characterized by mechanical engineering, automation technology, vehicle construction and agriculture.
The project is located in Kaltenmoor, the most populous district of Luneburg with a well-developed infrastructure. There are schools and kindergartens, an outdoor swimming pool, a sports park and shops for daily needs in the immediate vicinity. In the 1960s, in the course of urban planning, the attention was paid to a mix of different types of housing - from classic private homes to clinker-clad high-rise buildings. Also many green and recreational areas were created then.