Costa Rica Real Estate News – The demand for middle income homes in Latin America is soaring. This need is expanding at an alarming rate. A real estate investment fund has just announced that a $10 million partnership deal has been developed to create middle income residences in Costa Rica.
The new housing development will be 100% middle income units. The investment was made by Paladin Realty Partners for a building project venture that is in conjunction with GVL 3 and CSC Management and Development.
Paladin Realty was founded in 1995, and has since invested in planned development of 25,000 residential and commercial properties in Latin America.
It’s Paladin Realty’s third joint venture with CSC. They already have eight projects in the works, totaling over 1,700 housing units. The addition of a partner, GVL 3, should produce 400 units with a combined sales value of $60 million.
“We’re thrilled to begin this exciting project in Costa Rica’s most important urban market,” said the managing director of Paladin Realty, Alejandro Krell. He further explained that the access to mortgages is rising, creating this intense demand from the emerging middle class. Paladin has had a great relationship with CSC in the past and look forward to bringing on GVL 3.
CSC is one of the largest home builders in Costa Rica’s capital city, San Jose. David Segura, the director of CSC, also indicated that there is a demand for quality affordable real estate that’s designed and built well, and said that, “With Paladin Realty’s investment, we plan to continue to help satisfy that need.”