Europa Capital, part of the Rockefeller Group, sold all 150 apartments in the first phase of Vitan Residence 2 residential project in Bucharest, after 15 months since the start of sales.

“The second phase, which will have 80 apartments, will be up for sale this summer, and for the third phase of another 150 units, the construction is set to start in the third quarter of 2014,” said representatives of Europa Capital, cited by local Wall-street.ro.

Vitan Residence 2 is the first residential project developed by Emerging Europe fund, managed by Europa Capital. This investment was made in joint venture with RPF Group, owned by Romanian and American investors, active on the residential market in Bucharest since 2005.

"We identified the business opportunity that existed in the Bucharest residential market and, together with our local partner, RPF Group, we are able to supply the growing demand for well-designed, affordable housing," said Erik Gustafson, Director, Head of Asset Management at Europa Emerging Europe Fund.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: vitanresidence2.ro)