Genesis Development expands Bucharest private student flats compound with EUR 20 mln

Romanian real estate developer Genesis Development, owned by businessman Liviu Tudor, has expanded the West Gate residential complex in Bucharest with a new block of 275 studios and apartments, with an investment of EUR 20 million. The developer currently rents the housing units to students, turning it into a private student compound.

West Gate has 650 housing units to rent, for prices starting EUR 75 a month per person. The highest price goes for a two-roomed, 70 sqm apartment with balcony, which goes for a rent of EUR 350/person/month. The first building, with 375 furnished and equipped apartments, is fully rented, while the second is 70 percent rented, according to Rob Stewart, president of Genesis Development. Genesis Development also owns two office compounds in Bucharest: Novo Park, some 70,000 sqm in Pipera area North of Bucharest, and West Gate in the Western part of Bucharest, some 60,000. editor@romania-insider.com (photo source: Genesis Development)