HAGBERG Invests €12 Million in New Co-Living Development in Central Riga

21.05.2026.

Real estate developer and property manager HAGBERG has acquired a property complex at Lāčplēša Street 106 in Riga, where it is developing a new co-living housing project. The total investment will reach €12 million, with the long-unused buildings set to be transformed into private rental apartments with shared amenities, expanding the rental housing offering in central Riga.

As part of the project development process, HAGBERG has met with leading Latvian universities to better understand the housing needs of both local and international students, as well as young professionals living in Riga. Discussions with university representatives confirmed strong demand for modern rental housing that combines private living spaces with high-quality shared areas.

“With this project, we are developing a flexible rental housing offering in the city center. We will give long-unused buildings a new purpose by creating private rental apartments with shared facilities and professional property management. HAGBERG’s goal is to create a functional project with a well-designed surrounding environment that fits naturally into the urban fabric of central Riga,” says Ivars Lukaševičs, Member of the Management Board at HAGBERG.

Modern Rental Housing with Shared Amenities

The project includes the reconstruction of the existing buildings while preserving their architectural character. Compact, fully furnished rental apartments will be created, suitable for students, Erasmus programme participants, and young professionals.

During the first development phase, 119 apartments of various types are planned. Residents will have access to co-working spaces for studying and remote work, a gym, laundry facilities, recreational areas, and a landscaped courtyard. The shared spaces are designed to support practical everyday needs, as well as studying, working, and social interaction.

Building Reconstruction and Area Improvements

The property includes 5,597 m² of land and buildings with a total floor area of 6,198.4 m². The site consists of a four-storey educational building constructed in 1970 and a five-storey former student hotel building built in 1964.

The project will be implemented in two phases. The opening of the first building is scheduled for summer 2027, while the second phase will follow a year later. As part of the development, the courtyard will be landscaped and greened, and bicycle parking facilities will be installed.

Rental Terms and Accessibility

The project is designed for residents seeking flexible, fully equipped rental housing in central Riga without the need for additional investment in furniture or household appliances. Rent will include access to shared amenities and everyday services. The living model will feature transparent rental conditions, a digital customer platform, and professional property management.