Planet Smart City and Palladium USA sold a 324 unit smart multifamily housing complex in Little Elm, Texas, to a US institutional investor. Developed equally by both the companies, the project integrates innovative solutions in the environment, planning, technology, and social inclusion. Features include an innovation hub, co-working spaces, energy saving systems, and smart locks. Built over a span of 28 months, the project saw over 90% occupancy within merely three months. Sold at an IRR above 30%, it highlights the growing smart housing market. Future projects in Texas are being considered due to positive demographic trends and market success.
Planet Smart City and Palladium USA, a subsidiary of Palladium Italy, have successfully sold their first smart multifamily housing project in the United States, a 324-unit residential complex in Little Elm, Dallas, Texas, to a US institutional investor. This landmark project, developed equally by both companies, is the inaugural US development following Planet Smart City's innovative model, which integrates solutions across environment, planning and architecture, technology systems, and social inclusion.
The development features around thirty smart solutions, such as an innovation hub, co-working spaces, a gym, a community kitchen, an object library, bike sharing and repair facilities, energy-efficient systems like smart lighting and optimised irrigation, smart lockers, and smart locks. These are all accessible through Planet Smart City's proprietary digital platform. The project, spanning a 46,000 square metre site with a 26,000 square metre residential area, was completed over 28 months from 2021 to 2023. The market received it well, achieving over 90% occupancy within three months of completion. It was subsequently sold to an institutional investor at an internal rate of return exceeding 30%.
The Texas market's potential, buoyed by positive demographic trends, has encouraged Planet Smart City and Palladium USA to explore additional projects, potentially involving third-party collaborations. Little Elm is part of a broader portfolio of smart housing initiatives by Planet Smart City, which includes eleven major projects either completed or nearing completion. In Brazil, there are six projects spread across various regions, amounting to around 5,000 homes. In India, three projects in Pune, Maharashtra, are in partnership with Kolte Patil Developers, delivering approximately 4,000 homes.
In Italy, Planet Smart City's model has been embraced by leading property developers. Notable among these is Quartiere Giardino, a neighbourhood in Cesano Boscone, Milan, owned by Palladium, which has been revitalised through smart solutions developed by Planet Smart City. Currently, Planet Smart City is advising on 13 projects, focusing on the construction of new neighbourhoods (greenfield development) or the redevelopment of urban areas (brownfield development).
Gianni Savio, CEO of Planet Smart City, emphasised the success of the Little Elm project as a validation of their business model, highlighting its appeal to institutional investors and positive market reception. Thomas E. Huth, President and CEO of Palladium USA, praised the innovative smart solutions introduced in the Little Elm development and expressed optimism about future collaborations with Planet Smart City in multifamily development projects.
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