This assessment was confirmed by the comprehensive analysis carried out by Noratis. The building had great potential and was close to the city center with its specialist shops, restaurants and cafés – and the S-Bahn station that links Riedstadt with Frankfurt, Darmstadt and Mainz, for example. The high demand for affordable residential property in the region ultimately led to the decision to privatise the apartments. The aim was to offer buyers an attractive and affordable home that was also an interesting savings option.

Over the next four years, Noratis renovated the residential complex step by step. The flat roof was renovated and the grey facade freshly painted. “The balconies with their brown walls and railings might have looked chic in the seventies,” recalls one tenant. So they got a new coat of paint, new walls and railings as well as coated balcony floors. A sensible decision, and not just from the tenant’s point of view: “The balconies now fit seamlessly into the design of the entire building. You like to stay here now and enjoy the garden views.”

In addition to the redesign of the outdoor facilities, the building was also upgraded on the interior, the house entrance doors were replaced, stairwells and basement corridors were renovated.

During the renovation, Noratis did not only focus on aesthetic enhancement. Energy upgrades also played an important role – not least enjoying a positive impact on ancillary costs. Noratis insulated the flat roof, cellar ceilings, parts of the facade and, where necessary, replaced windows.

The result is impressive: the house facade, painted in brilliant white and ochre, stands out impressively against the blue sky. The outdoor facilities are also well maintained, and parking spaces are well organised again.

When most of the upgrades were complete, sales began. “We initially offered the apartments exclusively to existing tenants,” says Flaminia zu Salm-Salm, Head of Transaction Management at Noratis AG. “We were also able to offer attractive prices because we made sure from the outset that upgrades were carried out carefully and cost-effectively.“ This meant that in less than nine months, the majority of existing tenants and owner-occupiers seized the opportunity to secure one of the 24 apartments.

They are now the proud owners of their own four walls, located in the countryside with good connections to the economic centers of the Rhine-Main regions.