Latvian investors to develop rental apartment building at Priedaines Street 20 for €11 million

Latvian company SIA “PR20” has acquired an unfinished construction site in Riga at Priedaines Street 20 for €2 million, with the aim of developing a modern rental apartment building. The total investment in the project is planned at approximately €11 million.

The property was acquired from SIA “Prana Property”, a subsidiary of the Estonian bank AS “Coop Pank”.

“This project presents an opportunity to address two important issues simultaneously – revitalising a long-neglected, degraded environment and creating quality, affordable rental housing,” says Marcis Dobrajs, board member of SIA “PR20”.

The property at Priedaines Street 20 has remained unfinished and in a degraded condition for several years. The developer plans to fully reconstruct the building, creating approximately 130 modern, fully furnished rental apartments. The project is primarily targeted at young professionals and young families, offering competitive rental prices.
The developer has previous experience in urban regeneration, including the renovation of long-abandoned buildings. One of the most recently completed projects is located at Lielirbes Street 9A.
“The renovation of such properties significantly improves the urban environment. The Lielirbes Street project demonstrated that these types of solutions have both public support and economic justification,” adds Dobrajs.

Demand for quality rental housing in Riga has continued to grow in recent years, in line with broader market trends, as an increasing number of residents choose renting for its flexibility and mobility. At the same time, supply remains limited, particularly in the professionally managed and fully equipped apartment segment.
The project will be developed in cooperation with Riga City Council and other institutions, ensuring alignment with the city’s development priorities. The surrounding public outdoor space will also be improved, creating a well-maintained and safe environment.

The management of SIA “PR20” has previously delivered several projects in Riga, including Lielirbes Street 9A, Skolas Street 13, Terbatas Street 20A, Dzirnavu Street 63, Latgales Street 140, and Miera Street 23, as well as a low-cost rental housing project in Cesis at Lacu Street 9.

Construction supervision and author’s supervision will be provided by SIA “CMB inzenieru kompetences centrs”, while construction works are planned to be carried out by SIA “Anzage”.