Apartment buildings Avotu 23 and 23a

Project completed in 2016
Purchase and renovation of two building constructed in 1885 in the historical part of Riga with their subsequential long- and short-term leasing.
Avotu 23-23a, Riga, Latvia
Construction date
Number of flats
Number of commercial facilities
Total area
1,500 m²
Commercial area
450 m²
Investment amount
2M €
Average profitability
7.5 % annually

What was done


Search for and purchase of the facility
Development and coordination of the documents required to complete the renovation
Development of the investment plan
Full legal supervision of the project, including the obtainment of the municipal co-financing for the reparation of historical facades and entrance doors.

Full renovation of the houses

Replacement or repairs of the ceilings
Full replacement of the communications
Renovation of the facades
Reconstruction of electrical and heating networks
Redevelopment of the rooms

Refinement and renovation of the rooms

Development of the design projects for the flats
Interior refinement
Furnishing and installation of technical equipment

Launch the project

Launch of the project using the Apart Hotel model

From 2016 to 2018 the facility was operation under the brand Avotu Apartments 23.
Apartments for short-term and long-term leasing in the center of Riga.
Popular place
In a short while after the launch, the facility became one of the popular places of accommodation for guests and tourists in Riga. The average rating on booking. com — 9.6 Excellent. Average rating in the Google Booking catalogue — 4.2 Great.

2018 to date:
Long-term leasing of flats

The flats in the apartment building were adapted for long-term leasing.
House maintenance.
A management company was created.

Contact us

Office: Avotu iela 23-3, Riga LV-1011, Latvia
Phone number: +371 2 545-75-75
Opening hours: 9 AM—6 PM, Mon to Fri

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