The new residential quarter Parka Kvartāls in Riga, developed in cooperation between Estonian real estate developers Invego and Reterra, has been fully completed. The project, which cost €13 million, has now been formally handed over to the client by the construction company Mapri Būve, with all apartments delivered. With the completion of the multi-phase development, 110 new apartments have been added to the Latvian capital, more than 80% of which have already been sold.
According to Invego CEO Kristjan-Thor Vähi, the goal of the development was to create a modern living environment that integrates with the existing urban space. “The completion of the project is an important milestone both for us and for the entire neighborhood. We wanted the new residential quarter to blend naturally with the surrounding environment. That’s why we paid special attention to preserving 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 greenery,” Vähi explained, adding that the community that has formed in the 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. “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 looking for stability and everyday convenience, and the completion of the final phase ties the entire concept together,” said Randmets.
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 phase, all four buildings are now open to residents. The project consists of three five-storey buildings and one four-storey building, all meeting A-energy class standards. The apartments feature spacious layouts, large windows and balconies, and buyers were able to choose between different interior finishing options.
The area offers quick access to Riga’s city center while maintaining a quieter living environment. Schools, kindergartens, shops, sports facilities and healthcare services are located nearby, making the area particularly attractive for families.
About Reterra
Reterra Estate is a locally capitalized real estate development and investment company that has created comprehensive and innovative residential and business environments over more than ten years of operation. With an open outlook and a clear vision for a better future, the company has expanded its activities from Tallinn to Tartu and Riga. Reterra has developed more than 1,000 new homes and manages 70,000 m² of commercial space, with tenants including Telia, Pipedrive, Selver, Coop and Leonhard Weiss. In Tallinn, one of Reterra’s largest developments is the Hipodroom Quarter; in Rae municipality the Raemõisa residential area; and in Tartu the Aviaatori residential quarter.
About Invego
Invego Group is a next-generation real estate developer operating in three countries, specializing in large-scale residential areas and business districts built around comprehensive concepts that shape the urban environments of the future. With more than ten years of operating history, the Invego Group includes over 60 companies in Estonia, Latvia and Portugal, with 30 development projects currently underway. Invego has developed more than 150,000 m² of residential space, totaling 1,500 homes, as well as 50,000 m² of commercial real estate. In addition, more than 5,000,000 m² of residential and commercial development volume is currently in progress.
In Tallinn and its surrounding areas, Invego has built new homes for more than a thousand families in recent years. Its largest completed developments include Vana-Peetri, Tiskreoja and Tabasalu Kodu, while current projects include the Luccaranna, Uus-Järveküla, Keila Pargikodud and Verve residential areas. The company has also developed more than 50,000 m² of commercial space.
In the Latvian capital, Invego is developing residential areas in Tornakalna Terases and Vitolu Parks, and together with development partner Reterra is developing the residential projects Parka Kvartāls, Skanstes Rezidences and Miera Rezidences. Near Riga, Invego is also developing the large residential area Marupes Sirds and the townhouse-only residential district Vide Adaži. In southern Portugal, the 65-hectare Silves Hills development is currently underway, featuring 154 villas suitable for both year-round living and seasonal use.