Avalon Properties and Ares Management Real Estate Group have been awarded the Plan Vive housing project in Madrid, Spain. Although, the winning company for lots 1 and 2 is Dosorno, in which Ares (through Avalon) and Aedas Homes participate.

The Plan Vive project is focused on meeting the demand for affordable rental housing in the Community of Madrid by developing more than 3,600 homes. It includes the construction of housing complexes in 13 municipalities through a land concession and with management for a period of 50 years. 

Avalon Properties and Ares have chosen the following partners for the development of this project: Aedas Homes as Project Manager and Grupo Empresarial San José as delegated promoter, as well as Jones Lang Lasalle as consultant and Linklaters as legal advisor.