The residential quarter Parka Kvartāls in Riga, a 13-million-euro joint project by Estonian real estate developers Invego and Reterra, has been fully completed. All apartments have now been handed over to the client by the constructor, Mapri Būve.
The completion of the multi-stage project added 110 new apartments to Riga, over 80 percent of which have been sold to date.
According to Invego CEO Kristjan-Thor Vähi, the goal of the development was to create a modern living environment that respects the existing urban landscape. “The completion of the project is an important milestone for both us and the entire neighborhood. We wanted the new residential quarter to blend naturally with the surrounding environment. Therefore, we paid great attention to preserving the greenery – several large trees were kept, including lindens, elms, and a historic oak. This has helped create a unique harmony between the new development and the established landscaping,” said Vähi, adding that the emerging community in the residential area shows that this approach has been well received.
According to Reterra CEO Reigo Randmets, the project reflects a broader trend in Riga’s residential real estate market. “The demand for energy-efficient and well-designed homes remains strong, especially in locations that offer both greenery and quick access to the city. Parka Kvartāls has particularly appealed to families seeking stability and everyday convenience, and the completion of the final stage of development ties the whole concept together,” Randmets explained.
The first two buildings of the development were completed earlier and are already home to more than 50 families. With the completion of the final stage, all four buildings are now open to residents. The project consists of three five-story buildings and one four-story building, all of which meet Class A energy efficiency standards. The apartments feature spacious layouts, large windows, and balconies, and buyers could choose from various interior finishing options. The area offers quick access to Riga’s city center while maintaining a quieter living environment. Nearby schools, kindergartens, shops, sports facilities, and healthcare institutions have made the area particularly attractive to families.
Reterra Estate is a real estate development and investment company based on Estonian capital that has spent more than ten years creating comprehensive and innovative living and business environments. Reterra has built over 1,000 new homes and manages 70,000 square meters of commercial space, with tenants including Telia, Pipedrive, Selver, Coop, and Leonhard Weiss. In Tallinn, Reterra’s largest developments include the Hipodroomi quarter, the Raemõisa residential area in Rae Parish, and the Aviaatori residential quarter in Tartu.
Invego Group is a real estate developer operating in three countries, specializing in creating large-scale, holistically designed residential and commercial quarters that shape future urban spaces. With a history of over 10 years, Invego Group comprises more than 60 companies in Estonia, Latvia, and Portugal, with a total of 30 different development projects currently underway. Invego Group has developed over 150,000 square meters of residential property, totaling 1,500 homes, and 50,000 square meters of commercial real estate.
In recent years, Invego has built new homes for more than a thousand families in and around Tallinn. Its most significant completed developments include Vana-Peetri, Tiskreoja, and Tabasalu Kodu, while current projects include the Luccaranna, Uus-Järveküla, Keila Pargikodude, and Verve residential areas. The company has also developed over 50,000 square meters of commercial space.
In Riga, Invego is developing the Tornakalna Terases and Vitolu Parks residential areas, and, together with its development partner Reterra, the Parka Kvartals, Skanstes Rezidences, and Miera Rezidences districts. In the immediate vicinity of Riga, Invego is developing the large-scale Marupes Sirds residential area and the Vide Adaži district, which consists solely of terraced houses. In southern Portugal, the 65-hectare Silves Hills development is currently underway, featuring 154 villas suitable for both year-round living and seasonal use.
Source: BNS
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