Key Takeaways
- • Meridia has completed the acquisition of a 977-unit flex living asset in Carabanchel, Madrid, from a joint venture comprising Bain Capital, Momentum REIM, and Episode, marking a significant exit for the Bain Capital-led consortium.
- • The property, which opened in April 2025, spans over 30,000 sqm of gross built area and features amenities including co-working spaces, fitness facilities, swimming pool, rooftop terraces, and food & beverage venues designed for modern urban residents.
- • The asset achieved BREEAM Outstanding certification and received the ASPRIMA-SIMA Award for Best Flex Living Initiative in 2026, recognizing its innovation, sustainability, and community engagement in Madrid's Carabanchel neighborhood.
- • Episode, a leading Spanish flex living operator, will continue as the property manager, responsible for operational performance and resident experience delivery following the acquisition.
- • The Bain Capital joint venture has successfully completed and exited approximately 2,800 units across its first portfolio and is currently developing a second portfolio exceeding 2,300 units, signaling accelerating momentum in European flex living investment.
Summary
Meridia has completed its acquisition of a landmark flex living asset in Carabanchel, Madrid, from the joint venture partnership of Bain Capital, Momentum REIM, and Episode. The transaction represents a significant milestone in the flex living sector across Southern Europe and reflects growing institutional investor appetite for purpose-built, flexible accommodation assets in major metropolitan markets.
The acquired property comprises 977 fully furnished units across more than 30,000 sqm of gross built area. The asset was delivered and commenced operations in April 2025, positioning it as recently stabilized real estate with an established operational track record. The property was purpose-built to capture structural demand for flexible, high-quality living arrangements and features extensive amenities aligned with contemporary urban lifestyle preferences, including co-working facilities, gym and swimming pool, rooftop terraces, food & beverage areas, and communal spaces.
The Carabanchel location benefits from favorable market fundamentals, situated in one of Madrid's fastest-growing residential districts with strong connectivity to the city center and solid demographic tailwinds. Beyond its physical attributes, the asset has garnered significant recognition within the real estate investment community. It achieved BREEAM Outstanding certification for environmental performance and was awarded the ASPRIMA-SIMA Award for Best Flex Living Initiative in 2026, recognition of its residential innovation, sustainable design, hospitality service standards, and community engagement within the broader Carabanchel neighborhood.
Episode, one of Spain's most established specialized flex living operators, will retain management responsibility for the asset following Meridia's acquisition. This operational continuity reflects Episode's proven track record in delivering high-quality resident experiences and optimizing operational performance in the flex living sector. The vendor joint venture—Bain Capital's Europe Real Estate team alongside Momentum REIM and Episode—has demonstrated substantial execution capability, having completed and exited approximately 2,800 units across its first portfolio while currently advancing development of a second portfolio comprising more than 2,300 units. This portfolio expansion trajectory underscores the strategic significance of flex living within European real estate investment.
The acquired property comprises 977 fully furnished units across more than 30,000 sqm of gross built area. The asset was delivered and commenced operations in April 2025, positioning it as recently stabilized real estate with an established operational track record. The property was purpose-built to capture structural demand for flexible, high-quality living arrangements and features extensive amenities aligned with contemporary urban lifestyle preferences, including co-working facilities, gym and swimming pool, rooftop terraces, food & beverage areas, and communal spaces.
The Carabanchel location benefits from favorable market fundamentals, situated in one of Madrid's fastest-growing residential districts with strong connectivity to the city center and solid demographic tailwinds. Beyond its physical attributes, the asset has garnered significant recognition within the real estate investment community. It achieved BREEAM Outstanding certification for environmental performance and was awarded the ASPRIMA-SIMA Award for Best Flex Living Initiative in 2026, recognition of its residential innovation, sustainable design, hospitality service standards, and community engagement within the broader Carabanchel neighborhood.
Episode, one of Spain's most established specialized flex living operators, will retain management responsibility for the asset following Meridia's acquisition. This operational continuity reflects Episode's proven track record in delivering high-quality resident experiences and optimizing operational performance in the flex living sector. The vendor joint venture—Bain Capital's Europe Real Estate team alongside Momentum REIM and Episode—has demonstrated substantial execution capability, having completed and exited approximately 2,800 units across its first portfolio while currently advancing development of a second portfolio comprising more than 2,300 units. This portfolio expansion trajectory underscores the strategic significance of flex living within European real estate investment.
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