Spain: Hines has acquired a residential complex comprising 531 multifamily rental units in the Cuatro Vientos neighbourhood of Madrid.
The build-to-rent (BTR) units were acquired by the Hines European Property Partners (HEPP) fund. The seller was a joint venture between Nuveen and Kronos, which developed the asset. The transaction has been structured as a direct asset acquisition. Stay, Kronos’ operating platform, will continue as the property manager.
With a total built area of 43,890 square metres, the newly-built project — called Stay Cuatro Vientos — is located in an area with strong demand for rental housing and limited supply. It benefits from excellent public transport connectivity, being adjacent to metro and commuter rail stations. The complex opened in the last week of July 2025, and around 60 per cent of the units are already pre-leased.
The complex is made up of 531 multifamily units distributed across four seven-storey buildings. The units include one-bedroom apartments (39 per cent), two-bedroom (57 per cent) and three-bedroom units (four per cent). The project includes 552 underground parking spaces.
With more than 4,000 square metres of communal areas, Stay Cuatro Vientos offers outdoor swimming pools, indoor and outdoor gyms, a spa, cinema, coworking spaces, children’s play areas, a padel court, private dining areas for gatherings, and various open-air spaces.
The asset holds BREEAM Very Good and Fitwel 2-star certifications, as well as an EPC A energy rating. Additionally, it operates without on-site fossil fuels and is designed for efficient energy use.
Vanessa Gelado, senior managing director and country head of Hines Spain & Portugal, said: “This project marks a key milestone in our growth strategy in the living segment in Spain. It is a high-quality asset, in a location with enormous potential, and offers services and common areas that meet the new demands of the rental housing market.”
Jorge Duarte, senior managing director and fund manager of HEPP, added: “Stay Cuatro Vientos fits perfectly with our strategy of acquiring high-quality rental housing with growth potential on behalf of our investors.”
Colliers, Hogan Lovells, EY and Arcadis advised Hines on the transaction.
Highlights:
• Hines has acquired a residential complex comprising 531 multifamily rental units in the Cuatro Vientos neighbourhood of Madrid
• The seller was a joint venture between Nuveen and Kronos, which developed the asset
• Stay, Kronos’ operating platform, will continue as the property manager of the newly-built development
