At the end of 2024, a modern building opened at 61 Krišjāņa Valdemāra Street in Riga following renovation, offering spacious and comfortable apartments for rent in response to the growing demand for quality apartments. The owner of the building, INDEXO Real Estate Fund has invested more than EUR 3.6 million in renovating the building to turn it into a trendy and attractive place to live. The total area of the building is 2,868 m². The first tenants have already moved in and truly appreciate the building’s unique combination of historic charm and modern functionality.
The renovated building, originally constructed in 1914 to a design by architect Herberts Tīmanis, combines historic Art Nouveau charm with present-day comfort. The building has been scrupulously renovated to preserve its authentic features, including high ceilings, large Art Nouveau windows and bay windows. There are different types of apartments in the building: studios of 17 m² to 45 m² in area, and one-bedroom apartments ranging from 34 m² to 59 m².
“This project attests to our commitment to developing, expanding and improving Riga’s rental market. As the demand for quality residential property grows, we offer a solution that meets today’s requirements and needs – cosy, comfortable and functional apartments in a historic building located in the heart of the city,” says Sanita Zērvena, Investment Manager at SIA Provendi Asset Management AIFP.
The renovation process also included restoration of the staircases with the addition of modern amenities such as high-speed lifts, access security systems and video surveillance. The building’s common areas and courtyard now have the latest interior design features to make tenants’ everyday life even more comfortable. All apartments have been fitted with kitchens and wardrobes, and the apartments have been redesigned in collaboration with professional interior designers to ensure maximum comfort and functionality. 315 m² of commercial space available for rent on the ground floor of the building will make living there even more convenient for tenants, while for the potential tenant of the commercial area it will be a great opportunity to open a retail outlet in a strategically important part of the city.
INDEXO Real Estate Fund’s portfolio, managed by Provendi Asset Management AIFP, includes six properties in Latvia and Lithuania. The buildings have a total area of more than 42,000 m² and more than 100 commercial tenants, as well as 261 apartments in residential properties in the centre of Riga. Provendi Asset Management AIFP continues to actively explore investment opportunities in the Baltic commercial real estate, ensuring sustainable development and quality asset management.
