Real estate developer Mi Vida Homes has sold 200 units to an unnamed institutional investor at its affordable housing project dubbed 237 Garden City in a deal estimated at Sh1 billion.
Mi Vida did not disclose the value of the transaction but the buyer signed an agreement to buy 100 units of one-bedroom apartments that are selling at Sh4.2 million each.
The investor is also acquiring 100 units of two-bedroom apartments priced at Sh6.4 million each.
“This transaction underscores the investment potential for institutional-grade affordable housing in the Kenyan market and the opportunity to scale up such developments through structured offtake mechanisms that address market risk for developers,” Samuel Kariuki, Mi Vida Home’s chief executive, said in a statement.
Mi Vida’s 237 Garden City is in the groundbreaking stage, with the block purchase representing the sale of a third of the total 600 units on offer.
The buyer of the 200 units will hold the units for rental income targeting middle-class tenants in the project located off Thika Road in Nairobi. – Business Daily
