European Flex Living: Momentum, Spain
Strategy overview
Momentum is a flex living platform developed by Bain Capital as part of its Living portfolio, in partnership with a local Spanish operator, of the same name. The platform targets young professionals and urban renters priced out of homeownership in Spain's major cities. The platform delivers affordable, modern, amenity-rich rental accommodation in markets where housing stock is old, undersupplied, and increasingly unaffordable.
The first vintage comprised three assets in Spain, delivering approximately 1,900 flex living units at a total all-in cost of $210 million. Leasing performed ahead of underwrite, with average rents running 28% above initial projections and the platform exiting nine months ahead of schedule. The first vintage achieved BREEAM Outstanding sustainability certification. A second vintage is now scaling across eight assets in Spain, totalling 4,500 units, with expansion into other European markets in progress.
Explore Project Momentum, Spain
Europe's major cities are facing an acute shortage of modern, affordable rental housing. Population growth in gateway cities, declining homeownership rates, rising construction costs, and falling permit issuances have combined to create a structural supply gap that conventional residential capital has been unable to close. Bain Capital's Europe Real Estate team believes this imbalance represents a compelling long-term investment opportunity, with demand growing fastest in markets where supply constraints are most severe.
Since 2019, the strategy targets the intersection of strong secular demand and constrained supply, in markets where execution capability is the primary differentiator. By partnering with established local operators and maintaining control over design, development, and leasing, the team delivers institutional-quality housing tailored to local market preferences and modern lifestyles at accessible price points.
