AvalonEstates Sold Four Properties Located in Tiskreõu
AvalonEstates, a residential real estate developer part of the Millerhawki group, sold four apartment building development plots in the Tiskreõue development in Harku municipality. The area, which spans over one hectare, is planned for residential development with four apartment buildings. The purchaser of the plots is investment company Ragoza OÜ, and Eco Advice Kinnisvara, which has extensive experience in long-term residential real estate development, will lead the project going forward.
According to Marko Kull, member of AvalonEstates' board, the sale was primarily driven by the company's strategic growth focus: "The project was too modest in scale for our current plans. Avalon currently has several larger developments underway and we wanted to direct our team's resources more towards our Pärnu Papiniidu development. We would have started construction on the Tiskreõue apartment buildings about a year later, but since the school and kindergarten being built in the area will be completed in August 2026, an earlier start makes more sense for Eco Advice," explained Kull.
A developing area and strong project potential
The plots on Tõnise Road in Harku municipality are located directly next to the kindergarten-school that will be ready for the next school year. A total of 29 primarily 4-5 room family apartments have been designed there. Throughout the years, larger apartments have been a rather scarce commodity on the Tallinn and greater Tallinn market.
"This is a very high-quality project with strong potential – all the infrastructure is already built and the development is located exactly next to the future school and kindergarten, which can be reached safely via a cycle path. We received inquiries in abundance – nearly 50 families approached us who wanted a larger apartment. That's why it was important for us that the development reach a partner who could move forward immediately," added Kull.
The project moves into trustworthy hands
According to Kull, Eco Advice emerged as the choice among several strong and active interested parties. "We were looking for a buyer partner whose professionalism and quality we respect. We believe in their ability to bring this project to life, which prospective homebuyers have been eagerly awaiting," said Kull.
Eco Advice will continue the development based on a slightly adapted vision. Three- to five-room family-friendly apartments suitable for the area will be completed, offering energy efficiency, rare spaciousness, and welcoming courtyard and common areas in the current market situation.
